Davis Polk advised the representatives of the several initial purchasers in connection with the offering by Seagate HDD Cayman of $500 million aggregate principal amount of its 4.125% senior notes due 2031. The notes are unconditionally guaranteed by Seagate Technology plc. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

Davis Polk is also advising the several co-dealer managers in connection with (i) a cash tender offer by Seagate for up to $275 million in aggregate principal amount of its 4.250% senior notes due 2022 and up to $225 million in aggregate principal amount of its 4.750% senior notes due 2023 and (ii) exchange offers by Seagate for a portion of its outstanding 4.750% senior notes due 2025 and its outstanding 4.875% senior notes due 2027, for up to $500 million of new senior notes maturing in 2029.

Seagate intends to use the net proceeds from the offering of its 4.125% senior notes due 2031, together with cash on hand, to pay the consideration for the cash tender offer. Seagate intends to use any remaining net proceeds for general corporate purposes.

Based in the Cayman Islands, Seagate is a subsidiary of Seagate Technology plc, which is a leading provider of data storage technology and solutions.

The Davis Polk corporate team included partner Michael Kaplan, associate Andrew J. Terjesen. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. The tax team included partner Michael Farber and associate Tomislava Dragicevic. Partner Pritesh P. Shah and associate Yana Kipnis provided intellectual property advice.  All members of the Davis Polk team are based in the New York office.

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