Dec 08, 2010
The Notes are being sold in a private placement to qualified institutional buyers pursuant to Rule 144A and Regulation S of the US Securities Act of 1933, as amended (the “Securities Act”). The sale of the Notes is expected to close on 14 December 2010, subject to customary closing conditions.
Seagate estimates that the net proceeds from the offering will be approximately US$733 million after deducting discounts and estimated offering expenses. Seagate intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include the repayment, redemption and/or repurchase of a portion of its outstanding indebtedness.
Seagate is the world leader in hard disc drives and storage solutions.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. The Notes to be offered have not been, and will not be, registered under the US Securities Act, or applicable state securities laws, and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the US Securities Act of 1933 and applicable state securities laws.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning Section 27A of the US Securities Act and Section 21E of the US Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the proposed offering of the Notes and the anticipated use of their proceeds. These forward-looking statements are based on information available to Seagate as of the date of this press release. Current expectations, forecasts and assumptions involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond the Company's control. In particular, such risks and uncertainties include the impact of conditions in the credit markets generally and, in particular, for companies in the markets in which Seagate operates, and uncertainty in global economic conditions, which pose a risk to the overall economy as consumers and businesses may defer purchases in response to tighter credit and negative financial news. Information concerning risks, uncertainties and other factors that could cause results to differ materially from those projected in the forward-looking statements is contained in the Company's Quarterly report on Form 10-Q, as filed with the US Securities and Exchange Commission (the “SEC”) on 3 November 2010 and the Annual Report on Form 10-K and Form 10-K/A, as filed with the US Securities and Exchange Commission on 20 August 2010 and 6 October 2010 respectively, whose statements are incorporated into this press release by reference. These forward-looking statements should not be relied upon as representing Seagate’s views as of any subsequent date and Seagate undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date on which they were made.