Seagate to repay some term loan borrowings with notes proceeds

By Sara Rosenberg

New York, May 23 – Seagate HDD Cayman plans to repay a portion of its term loan A borrowings using proceeds from a $1 billion two-tranche senior notes offering, according to a market source.

Remaining proceeds from the notes will be used to refinance the company’s existing 2024 notes and to pay related fees and expenses.

Seagate HDD, a subsidiary of Seagate Technology Holdings plc, is a Fremont, Calif.-based data storage company.

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