Seagate Technology Closes $500M Exchangeable Notes Deal

By Hao Liu • Thursday, November 13 10:20 • Permanent Link

Seagate Technology Holdings PLC (NASDAQ: STX) has recently closed a series of exchanges with holders of $500 million principal amount of exchangeable notes. The exchanges involved the privately negotiated exchange of $500 million principal amount of Seagate HDD's 3.50% exchangeable senior notes due 2028 for aggregate consideration. This consideration consisted of approximately $503.4 million in cash and approximately 4.3 million ordinary shares of Seagate stock.

The number of ordinary shares of Seagate stock issued in the exchanges was determined over a one trading day period beginning on, and including, November 5, 2025. The exchanged notes have been retired, leaving approximately $1.0 billion in aggregate principal amount of notes outstanding with unchanged terms.

This transaction involved the issuance of shares of common stock pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, in transactions not involving any public offering.

In terms of financial performance, the company reported that approximately $1.0 billion in aggregate principal amount of notes remain outstanding with terms unchanged. Furthermore, there was a significant issuance of approximately 4.3 million ordinary shares of Seagate stock as part of the exchanges.

Seagate Technology is a leading innovator of mass-capacity data storage and has a significant impact in the industry, having shipped over four billion terabytes of data capacity. Established over 45 years ago, the company offers a full portfolio of storage devices, systems, and services from edge to cloud.

Seagate Technology LLC holds registered trademarks for Seagate, Seagate Technology, and the spiral logo in the United States and/or other countries.

This report is based on the information provided in the press release issued by Seagate Technology Holdings PLC. As a result of these announcements, the company's shares have moved -1.65% on the market, and are now trading at a price of $283.26. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.