Seagate 2013 Annual Report Download - page 92
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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
year. The 2023 Notes are redeemable at the option of the Company in whole or in part, on not less than 30, nor more than 60 days notice, at a
"make-whole" premium redemption price. The "make-whole" redemption price will be equal to the greater of (1) 100% of the principal amount
of the notes being redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2023
Notes being redeemed, discounted at the redemption date on a semi
-
annual basis at a rate equal to the sum of the applicable Treasury rate plus 50
basis points. Accrued and unpaid interest, if any, will be paid to, but excluding, the redemption date.
$1 billion in aggregate principal amount of 4.75% Senior Notes due 2025 (the "Notes").
On May 28, 2014, Seagate HDD Cayman issued
$1 billion in aggregate principal amount of 4.75% Senior Notes due 2025 (the "Notes"), which mature on January 1, 2025. The interest on the
Notes will be payable in cash semiannually on January 1 and July 1 of each year, commencing on January 1, 2015. The Notes are redeemable at
any time, upon not less than 30 nor more than 60 days' notice, Seagate HDD may redeem some or all of the Notes at a "make-
whole" redemption
price. The "make-whole" redemption price will be equal to the greater of (1) 100% of the principal amount of the Notes redeemed, and (2) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed, discounted to the
redemption date on a semi-annual basis at a rate equal to the sum of the Treasury Rate plus 50 basis points. Accrued and unpaid interest, if any,
will be paid to, but excluding, the redemption date. The Notes are fully and unconditionally guaranteed by the Company on a senior unsecured
basis. Seagate HDD Cayman and the Company are required to exchange the Notes for notes registered under the Securities Act of 1933.
Other As part of our acquisition of LaCie S.A. during fiscal year 2013, long-term debt of $6 million was assumed. During fiscal year
2014, the long-term debt was fully repaid.
At June 27, 2014, future principal payments on long-term debt were as follows (in millions):
86
Fiscal Year
Amount
2015
$
—
2016
—
2017
335
2018
—
2019
800
Thereafter
2,785
1
1
1
1
$
3,920
1
1
1
1
1
1
1
1