Seagate eyes $500 million split-rated bullets for Tuesday drive-by

By Paul A. Harris

Portland, Ore., May 20 - Seagate HDD Cayman plans to price a $500 million split-rated offering of senior notes due Jan. 1, 2025 (expected ratings Ba1/BBB-/BBB-) on Tuesday following a late-morning conference call with investors, according to a syndicate source.

Morgan Stanley & Co. LLC is the bookrunner for the Rule 144A with registration rights deal.

BofA Merrill Lynch, BNP Paribas Securities Corp. and Scotia Capital are the joint lead managers. HSBC, Mitsubishi UFJ Securities, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the co-managers.

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.

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