Seagate HDD Cayman $750 million exchange offers
The company issued new senior notes due 2032
Davis Polk advised the lead dealer managers in connection with a Rule 144A / Regulation S exchange offers by Seagate HDD Cayman, pursuant to which it issued approximately $750 million aggregate principal amount of 9.625% senior notes due 2032 in exchange for approximately $423 million aggregate principal amount of its outstanding 3.375% senior notes due 2031, approximately $337 million aggregate principal amount of its outstanding 3.125% senior notes due 2029 and approximately $205 million aggregate principal amount of its outstanding 4.125% senior notes due 2031. The notes are unconditionally guaranteed by Seagate Technology Holdings plc and Seagate Technology Unlimited Company.
Seagate is a leading provider of data storage technology and infrastructure solutions. Its principal products are hard disk drives. In addition, Seagate produces a broad range of data storage products including solid state drives, solid state hybrid drives, storage subsystems, as well as a scalable edge-to-cloud mass data platform that includes data transfer shuttles and a storage-as-a-service cloud.
The Davis Polk corporate team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associates Courtney Y. Sohn and Sarah Greene. Counsel Loyti Cheng provided environmental advice. The tax team included partner Michael Farber and associate Dov Sussman. Partner Pritesh P. Shah and associate Yana Kipnis provided intellectual property advice. All members of the Davis Polk team are based in the New York office.