Seagate Technology Enters New Agreement, Terminates Another

TL;DR

Seagate just signed a new deal and ditched an old one, creating new debt. Details TBD.

AI Summary

On January 30, 2025, Seagate Technology Holdings plc entered into a material definitive agreement and simultaneously terminated another. The company also incurred a direct financial obligation. Specific details regarding the nature of these agreements, the counterparty, and the financial implications were not fully disclosed in this filing.

Why It Matters

This filing indicates significant changes in Seagate's contractual relationships and financial obligations, which could impact its future operations and financial health.

Risk Assessment

Risk Level: medium — The filing indicates the creation of new financial obligations and the termination of existing agreements, which could introduce financial or operational risks.

Key Players & Entities

• Seagate Technology Holdings plc (company) — Registrant
• January 30, 2025 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.00001 — Registered Ordinary Shares, par value $0.00001 per share STX The NASDAQ Global Select
• $1.3 billion — The New Credit Agreement provides for a $1.3 billion senior unsecured revolving credit facil
• $150 million — f Default. An aggregate amount of up to $150 million of the facility shall also be available
• $50 million — redit, and an aggregate amount of up to $50 million of the facility shall also be available

Filing Documents

• stx-20250130.htm (8-K) — 35KB
• seagate-creditagreementedg.htm (EX-10.1) — 1831KB
• 0001137789-25-000023.txt ( ) — 2276KB
• stx-20250130.xsd (EX-101.SCH) — 2KB
• stx-20250130_lab.xml (EX-101.LAB) — 21KB
• stx-20250130_pre.xml (EX-101.PRE) — 12KB
• stx-20250130_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 30, 2025 (the "Effective Date"), Seagate Technology Holdings plc (the "Company") and its subsidiary Seagate HDD Cayman (the "Borrower") entered into a Credit Agreement (the "New Credit Agreement") among the Company, the Borrower, the lenders party thereto, The Bank of Nova Scotia as administrative agent, co-syndication agent, joint bookrunner, Swingline Lender, and L/C Issuer (the "Administrative Agent"), DBS Bank Ltd., MUFG Bank, Ltd., Bank of America, N.A., and Morgan Stanley Senior Funding, Inc. as joint bookrunners, MUFG Bank, Ltd., Bank of America, N.A., and Morgan Stanley Senior Funding, Inc. as co-documentation agents, DBS Bank Ltd. as co-syndication agent, and Bank of America, N.A., Morgan Stanley Bank, N.A., and MUFG Bank, Ltd. as L/C Issuers. PJT Partners served as financial advisor to the Company for the transaction. On the Effective Date, in connection with entering into the New Credit Agreement, the Company and the Borrower terminated their existing Credit Agreement, dated as of February 20, 2019 (the "Old Credit Agreement") among the Company, the Borrower, the lenders party thereto and The Bank of Nova Scotia, as Administrative Agent. The New Credit Agreement provides for a $1.3 billion senior unsecured revolving credit facility, under which the Borrower may borrow at any time until the earlier of (i) January 30, 2030, (ii) the date of termination of the commitments under the New Credit Agreement and (iii) the date upon which the Administrative Agent declares the obligations under the New Credit Agreement due and payable after the occurrence of an Event of Default. An aggregate amount of up to $150 million of the facility shall also be available for the issuance of letters of credit, and an aggregate amount of up to $50 million of the facility shall also be available for swingline loans. The loans made under the New Credit Agreement will bear interest at an Applicable Rate based o

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 1.02. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. 10.1 Credit Agreement, dated as of January 30, 2025, by and among Seagate HDD Cayman, Seagate Technology Holdings Public Limited Company, the lenders party thereto and The Bank of Nova Scotia, as Administrative Agent. Swingline Lender and L/C Issuer. 10.4 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY Date: February 3, 2025 By: /s/ Gianluca Romano Name: Gianluca Romano Title: Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR