The data storage firm will retire $185.908 million in 2028 notes, paying cash and issuing STX shares to select holders.
Seagate Technology Holdings and its subsidiary Seagate HDD Cayman agreed to exchange $185.908 million in principal of 3.50% exchangeable senior notes due 2028. The transaction involves cash and a yet-to-be-determined number of STX ordinary shares, with pricing set over a one-day period starting May 21.
The notes were privately exchanged with a limited group of noteholders. After the deal closes, approximately $185.8 million of the notes will remain outstanding under unchanged terms. The exchange is expected to finalize on or around May 26, pending standard closing conditions.
Seagate, a provider of data storage solutions, serves hyperscale cloud providers, enterprises, and consumers. The company did not disclose immediate market reaction to the transaction.