The Company intends to use the net proceeds from the offering of the Notes to redeem in full its 4.875% Senior Notes due 2024 promptly following the offering, to repay $450.0 million in aggregate principal amount of the term loans outstanding under its credit agreement and for general corporate purposes, which may include repayment of other outstanding indebtedness, capital expenditures and other investments in the business. The Notes will be senior unsecured debt obligations of HDD and will initially be guaranteed on a senior unsecured basis by the Guarantors. The offering of the Notes is expected to close on May 30, 2023, subject to satisfaction of customary closing conditions.
persons in reliance on Regulation S under the Securities Act. LLC, as representative of the initial purchasers named therein (the Initial Purchasers), pursuant to which the Company has agreed to issue and sell, and the Initial Purchasers have agreed to purchase, $500 million aggregate principal amount of 8.25% Senior Notes due 2029 (the 2029 Notes) and $500 million aggregate principal amount of 8.50% Senior Notes due 2031 (the 2031 Notes and, together with the 2029 Notes, the Notes) in a private placement to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S.
On May 24, 2023, Seagate Technology Holdings plc (the Company) and Seagate HDD Cayman (HDD), entered into a purchase agreement (the Purchase Agreement), by and among the Company, HDD, Seagate Technology Unlimited Company (STUC and, together with the Company, the Guarantors) and Morgan Stanley & Co.
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