May 3, 2010 (FinancialWire) — Seagate Technology (NASDAQ: STX) said that it has increased the size of its offering of $500 million of senior notes due 2020, to $600 million. The notes were priced at 100% of the aggregate principal amount and will bear interest at a rate of 6.875% per annum.

The notes will be issued by Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate Technology, and guaranteed by Seagate Technology on a full and unconditional basis, a according to the company.

Following the completion of Seagate’s pending redomiciliation, following which Seagate Technology plc will become the ultimate parent of the Seagate corporate family, Seagate Technology may, at its option, be released from its guarantee of the notes, provided that Seagate Technology plc concurrently agrees to guarantee the notes on a full and unconditional basis.

Seagate plans to use the net proceeds from the offering of the notes for the redemption, repayment or repurchase of a portion of its outstanding indebtedness and for general corporate purposes.

California-based Seagate offers hard disk drives and storage solutions.

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