By Paul A. Harris
Portland, Ore., May 20 - Seagate HDD Cayman priced $1 billion of senior notes due Jan. 1, 2025 (Ba1/BBB-/BBB-) at par to yield 4¾% on Tuesday, according to a syndicate source.
The deal doubled from the announced size of $500 million.
The yield printed at the tight end of the 4¾% to 4 7/8% yield talk.
Morgan Stanley & Co. LLC was the bookrunner.
Joint lead managers were BofA Merrill Lynch, BNP Paribas Securities Corp. and Scotia Capital.
Proceeds will be used for general corporate purposes, which may include, but are not limited to, debt retirement, capital expenditures and other investments in the business.
Seagate is a data storage company incorporated in Dublin, Ireland, with its principal executive office in Cupertino, Calif.
| Issuer: | Seagate HDD Cayman
|
| Amount: | $1 billion, increased from $500 million
|
| Maturity: | Jan. 1, 2025
|
| Securities: | Senior notes
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Joint lead managers: | BofA Merrill Lynch, BNP Paribas Securities Corp., Scotia Capital
|
| Co-managers: | HSBC Securities, Mitsubishi UFJ Securities, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 233.6 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 20
|
| Settlement date: | May 28
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 4¾% to 4 7/8%
|
| Marketing: | Quick to market
|
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