Seagate Completes Redemption of Exchangeable Notes

Seagate HDD eliminated its remaining 3.50% exchangeable notes due 2028 using a mix of cash payments and newly issued ordinary shares.

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SINGAPORE--(BUSINESS WIRE)-- Seagate Technology Holdings plc (NASDAQ: STX) (“Seagate” or “Company”) and Seagate HDD Cayman, a subsidiary of Seagate (“Seagate HDD”) today announced that Seagate HDD has settled all redemptions and exchanges of the remaining approximately $150.7 million principal amount of Seagate HDD’s 3.50% Exchangeable Senior Notes due 2028 (the “notes”).

On September 8, 2026 (the “redemption date”), all then-outstanding notes that were called for redemption and were not submitted for exchange were redeemed for cash at a price (the “redemption price”) equal to the principal amount of such notes plus accrued and unpaid interest on such notes to, but excluding, the redemption date. Additionally, all then-outstanding notes that were submitted for exchange prior to 5:00 p.m. (New York City time) on September 3, 2026 were exchanged on the redemption date, with the principal paid in cash and the remainder of Seagate HDD’s exchange obligations in excess of the principal amount for notes exchanged settled by delivering ordinary shares of Seagate, par value $0.00001 per share (the “ordinary shares”), together with cash, if applicable, in lieu of delivering any fractional ordinary shares. On the redemption date, Seagate HDD paid approximately $150.97 million in cash (including cash paid in lieu of fractional ordinary shares) and delivered 1,647,862 ordinary shares to settle its obligations with respect to the notes.

About Seagate

Seagate (NASDAQ: STX) is a pioneer in mass-capacity data storage, accelerating ability to harness the full value of data. Our portfolio of advanced storage solutions helps hyperscale cloud providers, enterprises, and consumers protect, create and manage the data that powers their transformation and growth. For more than 45 years, Seagate has driven breakthrough innovations that bring sustainable, high-performance storage to the world at-scale.

© 2026 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the planned redemption of the notes. Forward-looking statements generally can be identified by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” “will continue,” “can,” “could,” or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on information available to the Company as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause the Company’s actual results, performance or events to differ materially from historical experience and the Company’s present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s latest periodic report on Form 10-Q or Form 10-K filed with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260909846649/en/

Investor Relations Contact:
Shanye Hudson, (510) 661-1600
shanye.hudson@seagate.com

Media Contact:
Carrie Schafer, (303) 941-9470
Carrie.schafer@seagate.com

Source: Seagate Technology Holdings plc

Key Terms

exchangeable senior notes financial

Exchangeable senior notes are loans a company issues that promise regular interest payments and have priority over other debts, but can be swapped by the holder for shares of a different company. Think of it as lending money with an option to trade the loan for someone else’s stock; investors weigh the steady income and higher repayment priority against the chance of receiving shares that dilute ownership or fluctuate in value. These features affect a company’s credit risk, potential dilution, and appeal to different investors.

redemption price financial

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

principal amount financial

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.