Seagate completes $600 million exchangeable notes transaction

Seagate Technology Holdings plc (NASDAQ: STX) completed exchanges of $600 million principal amount of exchangeable senior notes on February 19, 2026, 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 $599.2 million in cash and approximately 5.95 million ordinary shares of Seagate stock. The number of shares issued was determined over a one trading day period beginning February 12, 2026.

The exchanged notes have been retired, while approximately $400 million 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 exempts transactions not involving public offerings from registration requirements.

Seagate, founded over 45 years ago, develops mass-capacity data storage technology and has shipped over four billion terabytes of data capacity. The company offers storage devices, systems, and services from edge to cloud applications.

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