Seagate launches $1.25 billion note offering in three bullet tranches via Morgan Stanley, JP Morgan, Goldman Sachs

By Paul A. Harris

St. Louis, Sept. 12 - Seagate Technology HDD Holdings (Cayman) is in the market with $1.25 billion offering of senior unsecured notes (Ba1/BB+) in three bullet tranches, according to an informed source.

The offering is comprised of a three-year floating-rate tranche as well as five-year and 10-year fixed-rate tranches.

The brief roadshow stops in New York on Wednesday and in Boston on Thursday, with pricing expected on Thursday or Friday.

Morgan Stanley, JP Morgan and Goldman Sachs & Co. are joint bookrunners for the offering of notes, which has been registered with the Securities and Exchange Commission. BNP Paribas, KeyBanc Capital Markets, Lehman Brothers, Needham & Co., Scotia Capital, Thomas Weisel Partners and Wachovia Securities are co-managers.

Proceeds will be used to call all of the company's 8% notes due 2009 and for general corporate purposes.

The prospective issuer is a direct wholly owned subsidiary of Seagate Technology, a Scotts Valley, Calif., computer hard drive manufacturer.

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