Seagate Technology completes $350 million revolving credit facility

By Sara Rosenberg

New York, Jan. 19 - Seagate Technology closed on a new $350 million four-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The Bank of Nova Scotia is the administrative agent on the deal that was completed on Jan. 18.

Pricing on the revolver is Libor plus a spread that can vary based on the company's corporate credit ratings.

Financial covenants include a fixed-charge coverage ratio and a leverage ratio, and the company must maintain a minimum liquidity amount.

Seagate is a Dublin, Ireland-based designer, manufacturer, marketer and seller of hard disk drives.

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