Seagate HDD Cayman sets investor call, to sell $1 billion 10-year bullet notes Wednesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 15 - Seagate HDD Cayman is planning a $1 billion offering of senior notes due 2023 (expected ratings Ba1/BB+/BBB-) on Wednesday, according to a market source.

An investor call is scheduled for 11:30 a.m. ET.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and BNP Paribas Securities Corp. are the joint bookrunners.

Scotia Capital, Wells Fargo Securities LLC and Mitsubishi UFJ Securities are the co-managers.

The Rule 144A with registration rights notes will be non-callable.

Proceeds will be used to replenish cash associated with the recent redemption of the 10% senior secured notes, to retire up to $250 million of outstanding senior notes and for general corporate purposes, which may include, but are not limited to, capital expenditures and other investments in the business and other debt repurchases.

Seagate is a Scotts Valley, Calif.-based hard disk drive and data storage products company.

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