Summary
Seagate Technology Holdings plc (STX) filed an 8-K on January 19, 2011, primarily detailing the entry into a new $350 million senior secured revolving credit facility. This facility, available until January 18, 2015, provides significant liquidity and includes provisions for up to $75 million in letters of credit. The credit agreement is secured by a substantial portion of the company's and its subsidiaries' tangible and intangible assets, with specific security arrangements in place across various jurisdictions. This new credit line enhances the company's financial flexibility and operational capacity.
Key Highlights
- 1Entered into a $350 million senior secured revolving credit facility maturing on January 18, 2015.
- 2The facility allows for borrowings of up to $350 million, with $75 million available for letters of credit.
- 3The credit agreement is secured by a lien on substantially all tangible and intangible assets of the borrower and certain subsidiaries.
- 4The company's obligations under the credit agreement are guaranteed by Seagate Technology plc and certain material subsidiaries.
- 5The facility features interest rates based on LIBOR plus a variable margin tied to the borrower's corporate credit rating.
- 6The filing also reports on the results of the 2010 Annual General Meeting, including the re-election of directors and auditor appointments.
- 7Financial results for the fiscal second quarter ended December 31, 2010, were issued via press release and supplemental commentary, furnished as exhibits.