Fitch rates Seagate Technology notes BBB-

Fitch Ratings said it rated Seagate Technology plc's $1.25 billion senior notes offering BBB-.

The long-term issuer default rating is BBB- and the outlook remains negative.

Fitch said it expects the company to use net proceeds for general corporate purposes, including to pre-fund the repayment of $800 million of 3.75% senior notes maturing November 2018, or for repayment of additional debt or investments.

Pro forma for the senior notes offering, the agency estimates total leverage (total debt-to-operating EBITDA) for the latest 12 months (LTM) ended Dec. 31, 2016 was 2.9 times, but 2.5 times including the repayment of the 3.75% senior notes at maturity.

© 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.