
Seagate Technology Holdings plc (NASDAQ:STX) (&#34;Seagate&#34; or &#34;Company&#34;) and Seagate HDD Cayman, a subsidiary of Seagate (&#34;Seagate HDD&#34;), today announced that Seagate HDD has issued a notice to holders of Seagate HDD&#39;s

Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STX">STX</a>) ("Seagate" or "Company") and Seagate HDD Cayman, a subsidiary of Seagate ("Seagate HDD"), today announced that Seagate HDD has issued a notice to holders of Seagate HDD's 3.50% Exchangeable Senior Notes due 2028 (the "notes") calling for redemption (the "redemption") of all outstanding notes.


On September 8, 2026 (the "redemption date"), all then-outstanding notes that are called for redemption and have not been submitted for exchange will be redeemed for cash at a price (the "redemption price") equal to the principal amount of such notes plus accrued and unpaid interest on such notes to, but excluding, the redemption date. On the redemption date, the redemption price will become due and payable upon each note to be redeemed and interest thereon will cease to accrue on and after the redemption date (unless Seagate HDD fails to pay the redemption price due on the redemption date in full, in which case interest thereon will continue to accrue until such time as Seagate HDD pays such redemption price in full).


The notes may be exchanged by holders at any time before 5:00 p.m. (New York City time) on September 3, 2026 (the "exchange deadline") (or, if Seagate HDD fails to pay the redemption price due on the redemption date in full, at any time until such time as Seagate HDD pays such redemption price in full). The exchange rate for notes exchanged after today and through the exchange deadline is currently equal to 12.1363 ordinary shares of Seagate, par value $0.00001 per share (the "ordinary shares"), per $1,000 principal amount of the notes, and will be adjusted on June 25, 2026 as a result of the Company's previously announced dividend of $0.74 per ordinary share pursuant to Section 7.05(d) of the indenture governing the notes, dated as of September 13, 2023 among Seagate HDD, the Company, Seagate Technology Unlimited Company and Computershare Trust Company, National Association, as trustee. The principal amount of any notes submitted for exchange shall be paid in cash, and Seagate HDD has elected to settle the remainder of its exchange obligations in excess of the principal amount for notes exchanged after today and through the exchange deadline by delivering ordinary shares, together with cash, if applicable, in lieu of delivering any fractional ordinary shares.


The notes called for redemption must be delivered to the paying agent (in the case of physical notes) or in compliance with the rules and procedures of DTC (in the case of global notes) to receive the redemption price. The name and address of the paying agent and the exchange agent to surrender the Notes (CUSIP: 81180WBL4) is:

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<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth34" rowspan="1" colspan="1">
Registered &amp; Certified Mail:



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
Regular Mail or Courier:



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
In Person by Hand Only:



</td>

</tr>
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth34" rowspan="1" colspan="1">
Computershare Trust Company, N.A.




CTSO Mail Operations




1505 Energy Park Drive




St. Paul, MN 55108



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
Computershare Trust Company, N.A.




CTSO Mail Operations




1505 Energy Park Drive




St. Paul, MN 55108



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
Computershare Trust Company, N.A.




CTSO Mail Operations




1505 Energy Park Drive




St. Paul, MN 55108



</td>

</tr>
</table>
Holders who have questions or who wish to discuss the redemption may contact Computershare Trust Company, N.A. by telephone at 1-800-344-5128 or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:cctbondholdercommunications@computershare.com" shape="rect">cctbondholdercommunications@computershare.com</a>. Please refer to the CUSIP number (CUSIP: 81180WBL4) when making inquiries to the paying agent and the exchange agent.


Seagate HDD expects to eliminate approximately $150.7 million of debt, which represents all currently outstanding notes that have not been submitted for exchange, through a combination of voluntary exchanges by noteholders and Seagate HDD's redemption of any notes that have not been exchanged through the redemption date.


About Seagate


Seagate (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STX">STX</a>) is a pioneer in mass-capacity data storage, accelerating ability to harness the full value of data. Our portfolio of advanced storage solutions helps hyperscale cloud providers, enterprises, and consumers protect, create and manage the data that powers their transformation and growth. For more than 45 years, Seagate has driven breakthrough innovations that bring sustainable, high-performance storage to the world at-scale.


&#xA9; 2026 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the planned redemption of the notes. Forward-looking statements generally can be identified by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "should," "may," "will," "will continue," "can," "could," or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on information available to the Company as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, performance or events to differ materially from historical experience and the Company's present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's latest periodic report on Form 10-Q or Form 10-K filed with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260610272884r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260610272884/en/" rel="nofollow">https://www.businesswire.com/news/home/20260610272884/en/</a>
Investor Relations Contact: 
 Shanye Hudson, (510) 661-1600 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:shanye.hudson@seagate.com" shape="rect">shanye.hudson@seagate.com</a>


Media Contact: 
 Carrie Schafer, (303) 941-9470 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Carrie.schafer@seagate.com" shape="rect">Carrie.schafer@seagate.com</a>

Seagate Announces Redemption of Exchangeable Notes

Seagate to redeem 2028 notes, cutting debt by about $150.7 million

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 Seagate Technology Holdings plc (NASDAQ:STX) (&amp;#34;Seagate&amp;#34; or &amp;#34;Company&amp;#34;) and Seagate HDD Cayman, a subsidiary of Seagate (&amp;#34;Seagate HDD&amp;#34;), today announced that Seagate HDD has issued a notice to holders of Seagate HDD&amp;#39;s
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 Seagate announced the redemption of its 3.50% Exchangeable Senior Notes due 2028 by Seagate HDD Cayman, with cash repayment and stock settlement for remaining notes. The plan eliminates about $150.7 million of debt and adjusts the exchange rate due to a $0.74-per-share dividend, potentially modestly influencing STX&#039;s leverage and share count.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Seagate HDD Cayman redeems 2028 notes Sept 8, 2026; cash equals principal plus interest.</li><li>Exchange rate set at 12.1363 shares per $1,000; adjusts after $0.74 dividend.</li><li>Debt to be eliminated about $150.7 million; improves leverage metrics.</li><li>Exchange deadline Sept 3, 2026; redemption date Sept 8, 2026; exchange logistics disclosed.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Seagate Technology Holdings plc (STX): Parent company; redemption and equity mechanics could influence leverage and equity base.</li><li>Seagate HDD Cayman (N/A): Subsidiary issuing redemption; affects consolidated debt and exchange mechanics.</li><li>Computershare Trust Company, N.A. (N/A): Paying/exchange agent for the notes; no direct stock-price impact.</li></ul>
 </section>

 <section data-block="category">
 <h3>Corporate Developments</h3>
 Category: Corporate Developments. The article details a structured debt redemption and equity settlement, a financing event that can alter balance sheet metrics and potential share count.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>About $150.7 million of debt will be eliminated, reducing interest expense.</li><li>Remainder notes settle with ordinary shares, potentially incremental dilution.</li><li>Dividend-driven exchange-rate adjustment affects share issuance quantity.</li><li>Milestones: exchange deadline Sept 3, 2026 and redemption date Sept 8, 2026.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>Redemption date: September 8, 2026.</li><li>Exchange deadline: September 3, 2026.</li><li>Exchange rate: 12.1363 ordinary shares per $1,000 principal; adjusted on June 25, 2026 due to $0.74 dividend.</li><li>Debt to be eliminated: approximately $150.7 million.</li><li>CUSIP: 81180WBL4.</li><li>Dividend: $0.74 per ordinary share (adjustment event for exchange rate).</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Debt reduction lowers Seagate&#039;s leverage; STX could see improved credit metrics within 1–2 quarters.
 </section>
</section>



Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STX">STX</a>) ("Seagate" or "Company") and Seagate HDD Cayman, a subsidiary of Seagate ("Seagate HDD"), today announced that Seagate HDD has issued a notice to holders of Seagate HDD's 3.50% Exchangeable Senior Notes due 2028 (the "notes") calling for redemption (the "redemption") of all outstanding notes.


On September 8, 2026 (the "redemption date"), all then-outstanding notes that are called for redemption and have not been submitted for exchange will be redeemed for cash at a price (the "redemption price") equal to the principal amount of such notes plus accrued and unpaid interest on such notes to, but excluding, the redemption date. On the redemption date, the redemption price will become due and payable upon each note to be redeemed and interest thereon will cease to accrue on and after the redemption date (unless Seagate HDD fails to pay the redemption price due on the redemption date in full, in which case interest thereon will continue to accrue until such time as Seagate HDD pays such redemption price in full).


The notes may be exchanged by holders at any time before 5:00 p.m. (New York City time) on September 3, 2026 (the "exchange deadline") (or, if Seagate HDD fails to pay the redemption price due on the redemption date in full, at any time until such time as Seagate HDD pays such redemption price in full). The exchange rate for notes exchanged after today and through the exchange deadline is currently equal to 12.1363 ordinary shares of Seagate, par value $0.00001 per share (the "ordinary shares"), per $1,000 principal amount of the notes, and will be adjusted on June 25, 2026 as a result of the Company's previously announced dividend of $0.74 per ordinary share pursuant to Section 7.05(d) of the indenture governing the notes, dated as of September 13, 2023 among Seagate HDD, the Company, Seagate Technology Unlimited Company and Computershare Trust Company, National Association, as trustee. The principal amount of any notes submitted for exchange shall be paid in cash, and Seagate HDD has elected to settle the remainder of its exchange obligations in excess of the principal amount for notes exchanged after today and through the exchange deadline by delivering ordinary shares, together with cash, if applicable, in lieu of delivering any fractional ordinary shares.


The notes called for redemption must be delivered to the paying agent (in the case of physical notes) or in compliance with the rules and procedures of DTC (in the case of global notes) to receive the redemption price. The name and address of the paying agent and the exchange agent to surrender the Notes (CUSIP: 81180WBL4) is:

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<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth34" rowspan="1" colspan="1">
Registered &amp; Certified Mail:



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
Regular Mail or Courier:



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
In Person by Hand Only:



</td>

</tr>
<tr xmlns="http://www.w3.org/1999/xhtml">
<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth34" rowspan="1" colspan="1">
Computershare Trust Company, N.A.




CTSO Mail Operations




1505 Energy Park Drive




St. Paul, MN 55108



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
Computershare Trust Company, N.A.




CTSO Mail Operations




1505 Energy Park Drive




St. Paul, MN 55108



</td>

<td xmlns="http://www.w3.org/1999/xhtml" class="bwvertalignt bwpadl0 bwwidth33" rowspan="1" colspan="1">
Computershare Trust Company, N.A.




CTSO Mail Operations




1505 Energy Park Drive




St. Paul, MN 55108



</td>

</tr>
</table>
Holders who have questions or who wish to discuss the redemption may contact Computershare Trust Company, N.A. by telephone at 1-800-344-5128 or by email at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:cctbondholdercommunications@computershare.com" shape="rect">cctbondholdercommunications@computershare.com</a>. Please refer to the CUSIP number (CUSIP: 81180WBL4) when making inquiries to the paying agent and the exchange agent.


Seagate HDD expects to eliminate approximately $150.7 million of debt, which represents all currently outstanding notes that have not been submitted for exchange, through a combination of voluntary exchanges by noteholders and Seagate HDD's redemption of any notes that have not been exchanged through the redemption date.


About Seagate


Seagate (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STX">STX</a>) is a pioneer in mass-capacity data storage, accelerating ability to harness the full value of data. Our portfolio of advanced storage solutions helps hyperscale cloud providers, enterprises, and consumers protect, create and manage the data that powers their transformation and growth. For more than 45 years, Seagate has driven breakthrough innovations that bring sustainable, high-performance storage to the world at-scale.


&#xA9; 2026 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries.


Cautionary Note Regarding Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the planned redemption of the notes. Forward-looking statements generally can be identified by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "should," "may," "will," "will continue," "can," "could," or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on information available to the Company as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, performance or events to differ materially from historical experience and the Company's present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's latest periodic report on Form 10-Q or Form 10-K filed with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260610272884r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260610272884/en/" rel="nofollow">https://www.businesswire.com/news/home/20260610272884/en/</a>
Investor Relations Contact: 
 Shanye Hudson, (510) 661-1600 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:shanye.hudson@seagate.com" shape="rect">shanye.hudson@seagate.com</a>


Media Contact: 
 Carrie Schafer, (303) 941-9470 
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Carrie.schafer@seagate.com" shape="rect">Carrie.schafer@seagate.com</a>

Seagate announced the redemption of its 3.50% Exchangeable Senior Notes due 2028 by Seagate HDD Cayman, with cash repayment and stock settlement for remaining notes. The plan eliminates about $150.7 million of debt and adjusts the exchange rate due to a $0.74-per-share dividend, potentially modestly influencing STX's leverage and share count.

Seagate Announces Redemption of Exchangeable Notes

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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