Summary
Seagate Technology Holdings plc (STX) filed an 8-K on June 4, 2014, to report on the early tender results of cash tender offers initiated by its wholly owned subsidiary, Seagate HDD Cayman. These offers, announced on May 20, 2014, targeted the company's 7.000% Senior Notes due 2021 and 6.875% Senior Notes due 2020, with an aggregate combined principal amount cap of $300 million. As of the early tender date of June 3, 2014, the subsidiary had received tenders for approximately $277.5 million of the 2021 Notes and $252.4 million of the 2020 Notes. Seagate HDD Cayman exercised its early purchase option, accepting approximately $277.5 million of the 2021 Notes tendered, with early settlement scheduled for June 4, 2014. The tender offers are set to expire on June 17, 2014, unless extended.
Key Highlights
- 1Seagate's subsidiary, Seagate HDD Cayman, is conducting cash tender offers for its 7.000% Senior Notes due 2021 and 6.875% Senior Notes due 2020.
- 2The aggregate principal amount cap for the tender offers is $300 million.
- 3As of the early tender deadline (June 3, 2014), approximately $277.5 million of 2021 Notes and $252.4 million of 2020 Notes were tendered.
- 4Seagate HDD Cayman accepted approximately $277.5 million of the 2021 Notes tendered for early purchase.
- 5Early settlement for the accepted 2021 Notes is scheduled for June 4, 2014.
- 6The tender offers will officially expire on June 17, 2014, unless extended.
- 7Morgan Stanley is acting as the sole dealer manager for these tender offers.