M
ME NEWS
17 Jun 2025, 04:43
Seagate Announces Early Results and Amendment to Exchange Offers for Senior Notes
Seagate announced the early participation results of its exchange offers and consent solicitations regarding eight series of senior notes originally issued by Seagate HDD Cayman. As of the early participation deadline on June 10, 2025 (5:00 p.m. New York City time), significant portions of the outstanding notes had been validly tendered:
9.625% Notes due 2032: 95.11% tendered
8.250% Notes due 2029: 95.39% tendered
8.500% Notes due 2031: 93.99% tendered
4.091% Notes due 2029: 91.25% tendered
3.125% Notes due 2029: 70.88% tendered
3.375% Notes due 2031: 72.98% tendered
4.125% Notes due 2031: 86.63% tendered
5.750% Notes due 2034: 61.49% tendered
The required consents to adopt the proposed amendments to the existing indentures were received for all note series. These amendments, once operative, will remove most restrictive covenants and select default provisions.
In a key update, Seagate modified the terms of the exchange offers: holders who tender their notes after the early deadline but before the final expiration date will now receive the same total consideration—$1,000 principal amount of new notes plus $1.25 in cash per $1,000 of old notes.
The exchange offers and consent solicitations are set to expire on June 26, 2025, unless extended. Settlement will occur shortly after expiration.
The new notes will be issued under multiple indentures, rather than a single one as initially planned. Other terms remain unchanged.
The exchange offers are limited to eligible holders under applicable securities regulations, including Rule 144A and Regulation S under the Securities Act, and similar frameworks in jurisdictions such as the EEA, the U.K., and Singapore.
Seagate announced the early participation results of its exchange offers and consent solicitations regarding eight series of senior notes originally issued by Seagate HDD Cayman. As of the early participation deadline on June 10, 2025 (5:00 p.m. New York City time), significant portions of the outstanding notes had been validly tendered:
9.625% Notes due 2032: 95.11% tendered
8.250% Notes due 2029: 95.39% tendered
8.500% Notes due 2031: 93.99% tendered
4.091% Notes due 2029: 91.25% tendered
3.125% Notes due 2029: 70.88% tendered
3.375% Notes due 2031: 72.98% tendered
4.125% Notes due 2031: 86.63% tendered
5.750% Notes due 2034: 61.49% tendered
The required consents to adopt the proposed amendments to the existing indentures were received for all note series. These amendments, once operative, will remove most restrictive covenants and select default provisions.
In a key update, Seagate modified the terms of the exchange offers: holders who tender their notes after the early deadline but before the final expiration date will now receive the same total consideration—$1,000 principal amount of new notes plus $1.25 in cash per $1,000 of old notes.
The exchange offers and consent solicitations are set to expire on June 26, 2025, unless extended. Settlement will occur shortly after expiration.
The new notes will be issued under multiple indentures, rather than a single one as initially planned. Other terms remain unchanged.
The exchange offers are limited to eligible holders under applicable securities regulations, including Rule 144A and Regulation S under the Securities Act, and similar frameworks in jurisdictions such as the EEA, the U.K., and Singapore.