Seagate to Offer $430 Million of Senior Secured Second-Priority Notes

Seagate Technology intends, subject to market and other conditions, to offer $430 million aggregate principal amount of senior secured second-priority notes due 2014 in a private placement. The Notes are expected to be issued by Seagate Technology International, an indirect wholly-owned subsidiary of Seagate Technology, and guaranteed by Seagate Technology, Seagate Technology HDD Holdings and all of Seagate Technology’s subsidiaries that guarantee its senior secured credit facility, on a full and unconditional basis and secured by a second-priority lien on the assets that secure the senior secured credit facility.

Seagate intends to use the net proceeds from the offering for general corporate purposes, including the repayment or repurchase of all or some of its $300 million aggregate principal amount of floating rate senior notes due October 1, 2009 and other indebtedness.