Seagate Technology Holdings plc (NASDAQ: STX) announced that its subsidiary Seagate HDD Cayman entered into exchange agreements with noteholders to swap $185.908 million in principal amount of 3.50% Exchangeable Senior Notes due 2028.

The exchanges, executed on May 20, 2026, involve consideration of $185.908 million in cash plus Seagate ordinary shares to be determined over a one-day trading period starting May 21, 2026. The transactions are expected to close around May 26, 2026, subject to customary closing conditions.

The notes being exchanged will be retired upon completion of the transactions. Following the exchanges, approximately $185.8 million in aggregate principal amount of notes will remain outstanding with unchanged terms, according to the company's press release.

The exchanges are being conducted as private placements with a limited number of noteholders. The ordinary shares to be issued have not been registered under the Securities Act of 1933 and cannot be offered or sold except under applicable exemptions.

Seagate manufactures data storage solutions for hyperscale cloud providers, enterprises and consumers. The Singapore-based company has operated for more than 45 years in the mass-capacity data storage sector.