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Seagate completes oversubscribed tender offer for 7¾%, 6.8% notes
By Jennifer Chiou
New York, June 14 - Seagate Technology plc said that wholly owned subsidiary Seagate HDD Cayman received overall tenders for about $435 million of its $672,115,000 of 7¾% senior notes due 2018 and about $307 million of its $600 million of 6.8% senior notes due 2016, exceeding the maximum tender amount in the offer that ended at 11:59 p.m. ET on June 13.
As previously reported, the company raised the total amount of notes that it planned to purchase in the offer to $700 million, and any participating holders are to receive the total purchase price.
As a result of the cap, HDD Cayman has accepted for purchase all of tendered 7¾% notes and roughly $265 million of the 6.8% notes.
The company will pay a tender offer price of $1,137.50 per $1,000 principal amount of 7¾% notes and $1,162.50 per $1,000 principal amount of 6.8% notes.
HDD Cayman also will pay accrued interest.
At the early tender deadline of 5 p.m. ET on May 30, holders had tendered $398 million of the 7¾% notes and about $190 million of the 6.8% notes.
As noted before, the company began the cash tender offer on May 16 and, at the time, offered to purchase up to $250 million principal amount of the two series of notes.
The company previously said it would use the proceeds from an offer of up to $1 billion principal amount of senior notes and cash on hand to purchase the outstanding notes.
Morgan Stanley (800 624-1808 or collect 212 761-1057) was the dealer manager. Global Bondholder Services Corp. (866 470-4300 or collect 212 430-3774) was the depositary and information agent.
Seagate is a Scotts Valley, Calif.-based hard disk drive and data storage products company.
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