SCOTTS VALLEY (dpa-AFX) - Seagate Technology plc (STX) announced that it intends to offer up to of $1.0 billion aggregate principal amount of senior notes in a private placement. The Notes are expected to be issued by Seagate HDD Cayman, an indirect subsidiary of Seagate Technology plc.
The company said it intends to use the net proceeds to replenish cash associated with the recent redemption of the 10% Senior Secured Notes, to retire up to an aggregate amount of $250 million of outstanding senior notes, and for general corporate purposes, which may include, but are not limited to, capital expenditures and other investments in the business, and other repurchases of indebtedness.
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