Seagate pays down full $200 million revolver, cuts long-term debt

By Jennifer Chiou

New York, Oct. 20 - Seagate Technology International announced that it has reduced its debt by about $685 million thus far during fiscal 2010.

During the first fiscal quarter of 2010 ended Oct. 2, the company reduced short-term borrowings and long-term debt by roughly $465 million.

This involved the paydown of $150 million under its revolving credit facility and, primarily, the maturity of its $300 million of floating-rate senior notes during the quarter.

Following Oct. 2, Seagate said it paid off the remaining balance of its $200 million revolver and made open-market purchases of $20 million.

Seagate is a Scotts Valley, Calif., hard drive manufacturer.

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