Seagate Technology Plc is a leading provider of data storage solutions that design, manufacture, and market a broad range of hard disk drives and solid-state drives for a variety of applications, including enterprise and consumer markets. The company specializes in delivering high-performance storage systems and innovative data management solutions that cater to the growing demand for reliable and secure data storage amidst the ever-expanding digital landscape. Seagate's technologies are integral to a wide array of devices, enabling fast access to information and supporting the burgeoning fields of cloud computing, big data, and artificial intelligence. Additionally, the company focuses on sustainability initiatives and advancing storage technology to help customers effectively manage and protect their data. Read More
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Seagate Technology Holdings plc (NASDAQ: STX) (“Seagate” or “us”) and Seagate HDD Cayman, a subsidiary of Seagate (“Seagate HDD”) today announced that on May 20, 2026, they entered into separate, privately negotiated exchange agreements with a limited number of holders of Seagate HDD’s 3.50% Exchangeable Senior Notes due 2028 (the “notes”) to exchange (collectively, the “exchanges”) $185.908 million principal amount of notes for consideration consisting of an aggregate of $185.908 million in cash and a number of Seagate’s ordinary shares (the “ordinary shares”) to be determined over a one trading day period beginning on, and including, May 21, 2026. The exchanges are expected to be consummated on or about May 26, 2026, subject to customary closing conditions. The notes being exchanged will be retired upon completion of the exchanges. Following the closing of the exchanges, Seagate HDD expects that approximately $185.8 million in aggregate principal amount of notes will remain outstanding with terms unchanged.
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Seagate’s shares tumbled after the CEO recently warned that rising lead times and manufacturing complexity could reshape how quickly the storage giant meets booming AI-driven demand.
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