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June 3, 2020, 8:30 a.m. EDT

Seagate Technology offer senior notes due 2031

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By Ciara Linnane

SPX

Seagate Technology plc said Wednesday its Seagate HDD Cayman subsidiary is planning to offer senior notes due 2031 in a private placement. Proceeds of the deal will be used to finance the cash portion of concurrent tender offers for its 4.750% notes due 2023 and 4.250% notes due 2022. Any remaining proceeds will be used for general corporate purposes, including repaying debt, capex and other investments in its data storage business. Shares were up 0.6% premarket, but are down 11% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% has fallen 5%.

/zigman2/quotes/210599714/realtime
US : S&P US
3,380.35
+46.66 +1.40%
Volume: 2.25B
Aug. 12, 2020 5:10p
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