Seagate (STX) Technology Holdings and Seagate HDD Cayman announced that on May 20, 2026, they entered into separate, privately negotiated exchange agreements with a limited number of holders of Seagate HDD’s 3.50% Exchangeable Senior Notes due 2028 to exchange $185.908M principal amount of notes for consideration consisting of an aggregate of $185.908M in cash and a number of Seagate’s ordinary shares to be determined over a one trading day period beginning on, and including, May 21, 2026. The exchanges are expected to be consummated on or about May 26, 2026, subject to customary closing conditions. The notes being exchanged will be retired upon completion of the exchanges. Following the closing of the exchanges, Seagate HDD expects that approximately $185.8M in aggregate principal amount of notes will remain outstanding with terms unchanged.
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