08:58 AM EDT, 05/12/2025 (MT Newswires) -- Seagate Technology ( STX ) said Monday it plans to offer $400 million in senior notes due 2030 through a private placement to qualified institutional buyers.

The company said it also issued a notice of conditional full redemption for all outstanding 4.875% senior notes due 2027.

The redemption will be executed at 100% of the principal amount, plus a make-whole premium and accrued interest, contingent on the successful completion of the new financing, it added.

Seagate ( STX ) said it plans to use the proceeds from the new note offering, along with cash on hand, to fund the redemption and cover related fees and expenses.

Shares of the company rose 4.5% in recent Monday premarket activity.