Seagate HDD Cayman to redeem all $324 million 6.8% notes due 2016

By Marisa Wong

Madison, Wis., Nov. 24 – Seagate Technology plc’s indirect wholly owned subsidiary, Seagate HDD Cayman, plans to redeem all of its remaining and outstanding 6.8% senior notes due 2016, according to a press release.

As of Monday, there was $324 million principal amount of the 6.8% notes outstanding.

The company plans to redeem the notes on Dec. 24 at a make-whole redemption price, including accrued interest, for a total of about $362 million.

The Cupertino, Calif.-based hard drive manufacturer will use the proceeds from an offering of new senior notes and available cash to redeem the 6.8% notes.

U.S. Bank NA is the trustee.

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