Seagate Technology Inc is celebrating a successful renegotiation of the credit agreement under which it obtained financing a year ago to cover part of the cost of its Imprimis Technology Inc acquisition, taking the rate down to prime from prime plus 1.25%; the four-year loan agreement, consisting of a $100m term loan and a $100m revolving line of credit, also provides the option of choosing London Inter-Bank Overnight Rate and Certificate of Deposit-based rates, as well as a bid auction feature and performance pricing, giving Seagate what it reckons are the the lowest competitive interest rates available and saving $2.5m in year one.
