Seagate Technology Holdings plc announced that it has entered into separate, privately negotiated exchange agreements with select holders of its subsidiary Seagate HDD Cayman’s 3.50% Exchangeable Senior Notes due 2028. The transaction involves exchanging $600 million in principal amount of notes for approximately $599.2 million in cash and a number of Seagate ordinary shares to be determined over a one-day trading period starting February 12, 2026. The exchanges are expected to close around February 17, 2026, subject to customary conditions. Upon completion, the exchanged notes will be retired, and about $400 million in aggregate principal amount of the notes will remain outstanding with unchanged terms.

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