Seagate plans to price $300 million split-rated 20-year bullet notes in Monday drive-by offering

By Paul A. Harris

Portland, Ore., Nov. 24 – Seagate HDD Cayman, an indirect wholly owned subsidiary of Seagate Technology plc, plans to price a $300 million offering of 20-year senior notes (expected ratings Ba1/BBB-/BBB-) on Monday, according to a syndicate source.

Bookrunner Morgan Stanley & Co. LLC will bill and deliver.

BofA Merrill Lynch, BNP Paribas Securities Corp. and Scotia Capital are the joint lead managers with no books.

HSBC, MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the co-managers.

The Rule 144A with registration rights and Regulation S notes feature a par call six months prior to maturity but are otherwise non-callable.

The Cupertino, Calif.-based hard drive manufacturer plans to use the proceeds to refinance its 6.8% notes due 2016 and to put cash on its balance sheet.

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