Seagate Technology will eliminate $150.7 million in debt by redeeming its 3.50% exchangeable senior notes ahead of maturity.
Seagate Technology Holdings (NASDAQ:STX) will redeem all outstanding 3.50% Exchangeable Senior Notes due 2028 on September 8, totaling approximately $150.7 million. The redemption price equals the principal amount plus accrued interest, with holders retaining the option to exchange notes for ordinary shares until September 3.
The exchange rate is set at 12.1363 shares per $1,000 principal, subject to adjustment on June 25 following a recent dividend declaration. Computershare Trust Company is managing the process, requiring holders to submit notes for redemption or exchange by specified deadlines.
The move aims to reduce the company’s debt load as it focuses on its data storage and technology solutions portfolio for cloud providers, enterprises, and consumers.