Seagate talks $400 million 12-year senior notes at 287.5 bps area over Treasures via Morgan Stanley

By Aleesia Forni

Virginia Beach, May 11 – Seagate HDD Cayman, an indirect wholly owned subsidiary of Seagate Technology plc, plans to price a $400 million offering of 12-year senior notes (Baa3/BBB-/BBB-), according to an informed source and a company news release.

Talk is set in the area of 287.5 basis points over Treasuries.

Morgan Stanley & Co. LLC is the bookrunner for the Rule 144A and Regulation S deal.

The Cupertino, Calif.-based hard drive manufacturer plans to use the proceeds for general corporate purposes, including the redemption of its 6.875% notes due 2020, capital expenditures and other investments in the business.

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