Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings plc, will redeem all outstanding 3.50% Exchangeable Senior Notes due 2028 on September 8, 2026. The redemption price will equal the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. This move is expected to eliminate approximately $150.7 million of debt, representing all currently outstanding notes that have not been submitted for exchange.

The notes may be exchanged by holders at any time before 5:00 p.m. New York City time on September 3, 2026. The exchange rate for notes exchanged after today and through the exchange deadline is currently 12.1363 ordinary shares of Seagate, par value $0.00001 per share, per $1,000 principal amount of the notes. This rate will be adjusted on June 25, 2026, due to the company's previously announced dividend of $0.74 per ordinary share.

Key Dates and Metrics

Seagate HDD has elected to settle the remainder of its exchange obligations in excess of the principal amount for notes exchanged by delivering ordinary shares, together with cash if applicable, in lieu of delivering any fractional ordinary shares. The principal amount of any notes submitted for exchange shall be paid in cash.

Agent Details

Holders must deliver the notes to the paying agent or in compliance with the rules and procedures of DTC to receive the redemption price. Computershare Trust Company, N.A. serves as the paying agent and exchange agent. Inquiries can be directed to 1-800-344-5128 or via email at cctbondholdercommunications@computershare.com , referencing CUSIP number 81180WBL4.

Mizuho analyst Vijay Rakesh has maintained an Outperform rating for Seagate Technology Hldgs while significantly raising the stock's price target. The new target of $1090 represents an increase from the previous level of $875, reflecting a more bullish outlook on the company's performance.

The rating update underscores confidence in Seagate Technology Hldgs' market position and future growth potential. The revised price target suggests an expected appreciation in the stock's value based on the firm's analysis.

Analyst Rating and Price Target Details

The following table summarizes the revised analyst metrics for Seagate Technology Hldgs:

The decision to raise the price target indicates that Mizuho anticipates stronger financial results or strategic developments from Seagate Technology Hldgs in the near term.