Debt holders receive $599.2M cash and 5.95M Seagate shares as the company retires $600M of 2028 exchangeable notes; $400M principal remains outstanding.
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#seagate / Page 2
Key HDD suppliers WD and Seagate have both allocated their entire 2026 production output for sale, likely worsening PC component shortages and price rises.
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Great for cheap and deep network storage ...
Exchange will swap $600M of Seagate's 3.50% 2028 notes for $599.2M in cash plus shares, retiring the notes and leaving $400M outstanding after Feb. 17.
BNP sees Western Digital Innovation Day boosting HDD outlook; raises WDC & Seagate price targets on 20%+ growth, higher pricing, margin upside.