Seagate Technology Holdings announced it has entered into privately negotiated agreements to exchange $185.908 million in principal amount of its subsidiary's 3.50% Exchangeable Senior Notes due 2028. The transaction involves a limited number of noteholders and will settle with a combination of cash and company shares.
Key Details
- Transaction Terms: The $185.908 million in notes will be exchanged for an equivalent amount in cash ($185.908 million) plus an additional number of Seagate's ordinary shares.
- Share Calculation: The exact number of shares to be issued will be determined over a one-day trading period beginning on May 21, 2026.
- Timeline & Impact: The agreements were entered into on May 20, 2026, and the exchanges are expected to be completed around May 26, 2026. After the exchange, approximately $185.8 million of these notes will remain outstanding.