Seagate Technology Holdings plc (NASDAQ: STX) announced that its subsidiary Seagate HDD Cayman has issued a redemption notice for all outstanding 3.50% Exchangeable Senior Notes due 2028.

The redemption is scheduled for September 8, 2026. Notes not exchanged by the deadline will be redeemed for cash at face value plus accrued interest. The company expects to eliminate approximately $150.7 million of debt through the transaction.

Noteholders can exchange their securities for Seagate ordinary shares until 5:00 p.m. New York time on September 3, 2026. The current exchange rate is 12.1363 ordinary shares per $1,000 principal amount of notes. This rate will be adjusted on June 25, 2026, due to a previously announced dividend of $0.74 per share.

For notes exchanged after today through the deadline, Seagate HDD will pay the principal amount in cash and settle the remainder of exchange obligations by delivering ordinary shares, plus cash for any fractional shares.

The notes carry CUSIP number 81180WBL4. Computershare Trust Company serves as both paying agent and exchange agent for the transaction. Noteholders must deliver physical notes to the paying agent or follow DTC procedures for global notes to receive the redemption price.

The redemption represents the elimination of all currently outstanding notes that have not been submitted for exchange, according to the company statement.