The market already knew this transaction was coming. Seagate announced the redemption on June 11, 2026, covering approximately $150.7 million of outstanding notes, so the September 8 completion is confirmation rather than a fresh catalyst.
The filing confirms the notes were settled through both cash and equity. Seagate paid approximately $150.97 million in cash and delivered 1,647,862 ordinary shares; $150.51 million of principal was exchanged into shares, while the remaining notes were redeemed for cash. (Item 8.01; Item 3.02)
| Item | Amount / outcome |
|---|---|
| Notes called for redemption | Approximately $150.7 million |
| Cash paid at closing | Approximately $150.97 million |
| Principal exchanged into shares | $150.51 million |
| Ordinary shares delivered | 1,647,862 |
| Coupon on notes | 3.50% |
The net effect is a known capital-structure cleanup, not an earnings surprise. Seagate retires the 2028 exchangeable notes, reducing that liability, but it also issues roughly 1.65 million shares, creating the dilution that was inherent in the previously announced exchange settlement. Because the timing and mechanics were disclosed in advance, the filing lands as neutral versus expectations rather than positive or negative.
Read the original 8-K on SEC EDGAR ↗