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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
requirements of the Securities Act of 1933, as amended. The obligations under the 2021 Notes are fully and unconditionally guaranteed, on a
senior unsecured basis, by the Company. The net proceeds from the offering of the 2021 Notes were approximately $588 million, which the
Company intends to use for general corporate purposes, which may include the repayment, redemption and/or repurchase of a portion of its
outstanding indebtedness, capital expenditures and investments in its business. The interest on the 2021 Notes is payable semi-annually on
January 1 and July 1 of each year. The 2021 Notes are redeemable any time prior to May 1, 2016 at the option of the Company, in whole or in
part, at a redemption price of 100% of the principal amount plus an "applicable premium" and accrued and unpaid interest, if any, to the
redemption date. The "applicable premium" will be equal to the greater of (1) 1% of the principal amount of the 2021 Notes, or (2) the excess, if
any, of (a) the present value of the redemption price on May 1, 2016 plus interest payments due through May 1, 2016, discounted at the
applicable Treasury rate as of the redemption date plus 50 basis points; over (b) the principal amount of such note. The 2021 Notes are
redeemable at any time on or after May 1, 2016 at various prices expressed as a percentage of principal amount, as set forth in the indentures,
plus accrued and unpaid interest, if any, to the redemption date. In addition, any time before May 2, 2014, the Company may redeem up to 35%
of the principal amount with the net cash proceeds from permitted sales of the Company's stock at a redemption price of 107% of the principal
amount plus accrued interest to the redemption date.
At June 29, 2012, future principal payments on long-term debt were as follows (in millions):
83
Fiscal Year
2013
$
—
2014
319
2015
—
2016
—
2017
600
Thereafter
1,950
$
2,869