Summary
Seagate Technology plc, through its wholly owned subsidiary Seagate HDD Cayman, announced its intention to redeem all outstanding 7.75% Senior Notes due 2018. The principal amount of these notes is approximately $44.5 million. The redemption is expected to occur on July 11, 2014, and will include the principal amount, an applicable premium, and accrued interest up to the redemption date. This action is being taken in accordance with the terms of the governing Indenture, and Seagate plans to deposit the necessary funds with the trustee to satisfy its obligations.
Key Highlights
- 1Seagate HDD Cayman to redeem all outstanding 7.75% Senior Notes due 2018.
- 2Approximately $44.5 million in principal amount of notes are subject to redemption.
- 3Planned redemption date is July 11, 2014.
- 4Redemption price will include principal, applicable premium, and accrued interest.
- 5The redemption is in accordance with the terms of the Indenture dated December 14, 2010.
- 6Seagate intends to irrevocably deposit funds with the Trustee to cover the redemption and interest payment.
- 7This action aims to satisfy and discharge Seagate HDD Cayman's obligations under the Indenture.