Seagate closes $500 million exchangeable notes swap

Seagate Technology Holdings plc (NASDAQ: STX) completed the exchange of $500 million in exchangeable senior notes on November 12, 2025, according to a company statement.

The data storage company and its subsidiary Seagate HDD Cayman exchanged the 3.50% Exchangeable Senior Notes due 2028 for approximately $503.4 million in cash and about 4.3 million ordinary shares of Seagate stock. The number of shares issued was determined over a one-day trading period beginning November 5, 2025.

The exchanged notes have been retired, while approximately $1.0 billion in aggregate principal amount of notes remain outstanding with unchanged terms.

The exchanges were conducted as private placements under Section 4(a)(2) of the Securities Act of 1933, which provides an exemption from registration requirements for transactions not involving public offerings.

Seagate manufactures mass-capacity data storage devices and has shipped over four billion terabytes of data capacity since its founding more than 45 years ago. The company offers storage devices, systems, and services across various applications.

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