- Seagate (STX) is the latest large-cap tech company to take advantage of favorable debt markets: the company is selling $800M worth of 2018 senior notes carrying an interest rate of just 3.75%. (PR)
- Seagate, which originally planned to sell just $500M worth of notes, says it will use the proceeds for "general corporate purposes, which may include, but are not limited to, the retirement of a portion of its outstanding indebtedness, capital expenditures and other investments in the business."
- The hard drive giant had $2.77B in debt at the end of its Sep. quarter, and over $2.5B in cash/investments. It has spent billions in recent years on buybacks, and recently paid Samsung $1.51B to repurchase 32.7M shares.
Seagate selling $800M worth of debt
Oct 31 2013, 18:14 ET