Seagate Technology Holdings plc (NASDAQ: STX) completed the exchange of $185.908 million in principal amount of its subsidiary's 3.50% Exchangeable Senior Notes due 2028 on May 27, 2026, according to a company statement.

The data storage company provided aggregate consideration of $185.908 million in cash and approximately 2.02 million ordinary shares of Seagate stock to holders of the exchangeable notes issued by subsidiary Seagate HDD Cayman. The number of shares issued was determined over a one trading day period beginning May 21, 2026.

The exchanged notes have been retired following the transaction. Approximately $185.8 million in aggregate principal amount of notes remain outstanding with unchanged terms.

The exchanges were conducted as private placements under Section 4(a)(2) of the Securities Act of 1933, which provides an exemption from registration requirements for transactions not involving public offerings.