Seagate 2014 Annual Report Download - page 86
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SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
thegreaterof(1)100%oftheprincipalamountofthenotesbeingredeemed,or(2)thesumofthepresentvaluesoftheremainingschedulepaymentsofprincipal
andinterestontheNotesbeingredeemed,discountedattheredemptiondateonasemi-annualbasisatarateequaltothesumoftheapplicableTreasuryrateplus
50basispoints.Accruedandunpaidinterest,ifanywillbepaidto,butexcluding,theredemptiondate.TheNotesarefullyandunconditionallyguaranteedbythe
Companyonaseniorunsecuredbasis.
$600millionAggregatePrincipalAmountof6.875%SeniorNotesdueMay2020(the"2020Notes").OnMay13,2010,theCompany'ssubsidiary,Seagate
HDDCayman,completedthesaleof$600millionaggregateprincipalamountofthe2020Notes,inaprivateplacementexemptfromtheregistrationrequirements
oftheSecuritiesActof1933,asamended.Theobligationsunderthe2020Notesarefullyandunconditionallyguaranteed,onaseniorunsecuredbasis,bythe
Company.Theinterestonthe2020Notesispayablesemi-annuallyonMay1andNovember1ofeachyear.The2020Noteswereredeemableanytimepriorto
May1,2015attheoptionoftheCompany,inwholeorinpart,ataredemptionpriceof100%oftheprincipalamountplusan"applicablepremium"andaccrued
andunpaidinterest,ifany,totheredemptiondate.The"applicablepremium"wasequaltothegreaterof(1)1%oftheprincipalamountofthe2020Notes,or
(2)theexcess,ifany,of(a)thepresentvalueoftheredemptionpriceonMay1,2015plusinterestpaymentsduethroughMay1,2015,discountedattheapplicable
Treasuryrateasoftheredemptiondateplus50basispoints;over(b)theprincipalamountofsuchnote.The2020Notesareredeemableatanytimeonorafter
May1,2015atvariouspricesexpressedasapercentageofprincipalamount,assetforthintheindentures,plusaccruedandunpaidinterest,ifany,tothe
redemptiondate.Theissuerunderthe2020NotesisSeagateHDDCayman,andtheobligationsunderthe2020Notesarefullyandunconditionallyguaranteed,on
aseniorunsecuredbasis,bytheCompany.Duringfiscalyear2014,theCompanyrepurchased$66millionaggregateprincipalamountofits2020Notesforcashat
apremiumtotheirprincipalamount,plusaccruedandunpaidinterest.TheCompanyrecordedalossontherepurchaseofapproximately$7million,whichis
includedinOther,netintheCompany'sConsolidatedStatementofOperations.Duringfiscalyear2015,the2020Noteswerefullyextinguishedthroughrepurchase
andredemptionforcashatapremiumtotheirprincipalamount,plusaccruedandunpaidinterest.TheCompanyrecordedalossontherepurchaseofapproximately
$26million,whichisincludedinOther,netintheCompany'sConsolidatedStatementofOperations.
$600millionAggregatePrincipalAmountof7.00%SeniorNotesdueNovember2021(the"2021Notes").OnMay18,2011,theCompany'ssubsidiary,
SeagateHDDCayman,completedthesaleof$600millionaggregateprincipalamountofthe2021Notes,inaprivateplacementexemptfromtheregistration
requirementsoftheSecuritiesActof1933,asamended.Theobligationsunderthe2021Notesarefullyandunconditionallyguaranteed,onaseniorunsecured
basis,bytheCompany.Theinterestonthe2021Notesispayablesemi-annuallyonJanuary1andJuly1ofeachyear.The2021Notesareredeemableanytime
priortoMay1,2016attheoptionoftheCompany,inwholeorinpart,ataredemptionpriceof100%oftheprincipalamountplusan"applicablepremium"and
accruedandunpaidinterest,ifany,totheredemptiondate.The"applicablepremium"willbeequaltothegreaterof(1)1%oftheprincipalamountofthe2021
Notes,or(2)theexcess,ifany,of(a)thepresentvalueoftheredemptionpriceonMay1,2016plusinterestpaymentsduethroughMay1,2016,discountedatthe
applicableTreasuryrateasoftheredemptiondateplus50basispoints;over(b)theprincipalamountofsuchnote.The2021Notesareredeemableatanytimeon
orafterMay1,2016atvariouspricesexpressedasapercentageofprincipalamount,assetforthintheindentures,plusaccruedandunpaidinterest,ifany,tothe
redemptiondate.Inaddition,anytimebeforeMay1,2014,theCompanymayredeemupto35%oftheprincipalamountwiththenetcashproceedsfrompermitted
salesoftheCompany'sstockataredemptionpriceof107%oftheprincipalamountplusaccruedinteresttotheredemptiondate.Theissuerunderthe2021Notesis
Seagate
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