Seagate ups revolver to $700 million, adjusts pricing, maturity

By Marisa Wong

Madison, Wis., Jan. 16 – Seagate Technology plc amended its credit agreement dated Jan. 18, 2011 with Bank of Nova Scotia as administrative agent to increase the borrowing capacity on its revolving credit facility to $700 million from $500 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also adjusts the ratings-based pricing grid, including a reduction in the commitment fee rate payable under the revolver. The interest rate ranges from Libor plus 125 basis points to Libor plus 250 bps, and the commitment fee now ranges from 15 bps to 40 bps.

In addition, the amendment extends the maturity date until Jan. 15, 2020, provided that if the borrower, wholly owned subsidiary Seagate HDD Cayman, does not have investment-grade ratings on Aug. 15, 2018, then the maturity date will be Aug. 16, 2018 unless certain extension conditions have been satisfied.

As of Jan. 15, the amendment date, there were no borrowings against the company’s revolver.

Seagate is a Cupertino, Calif.-based hard drive manufacturer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.