Seagate retires $600 million of its 2028 exchangeable notes for about $599 million in cash and 5.95 million shares

Seagate privately negotiated exchanges of $600 million principal of its 3.50% exchangeable senior notes due 2028. The company paid about $599.2 million in cash and issued 5,952,309 ordinary shares as additional consideration. The deal reduces the dilution risk tied to the notes while using cash on hand.

• Principal exchanged: $600 million of 3.50% exchangeable senior notes due 2028
• Cash paid: about $599.2 million
• Additional consideration: 5,952,309 ordinary shares
• Exchange agreements were signed February 11, 2026 and closed February 19, 2026