Moody’s assigns Seagate notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to Seagate HDD Cayman’s proposed senior unsecured notes due in 2031.

The company will use the proceeds and cash on hand to fund tenders for senior notes due 2022 and 2023.

The new senior notes will be guaranteed by Seagate’s indirect parent, Seagate Technology plc.

The Baa3 rating for Seagate’s senior unsecured debt and stable ratings outlook are unaffected because Moody’s views the transaction as credit neutral, the agency said.

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