Fitch rates Seagate notes BB+

Fitch Ratings said it rated Seagate HDD Cayman's senior notes offering BB+/RR4. The notes will be guaranteed by Seagate Technology Holdings plc and Seagate Technology Unlimited Co.

The agency affirmed Seagate’s BB+ ratings on May 4.

Seagate will use the proceeds to redeem in full its 4 7/8% senior notes due 2024 promptly following the offering, to repay $450 million in term loans outstanding under its credit agreement and for general corporate purposes, which may include repayment of other outstanding indebtedness, capital expenditures and other investments in the business.

The outlook is negative.

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