Seagate Technology (NASDAQ:STX) is tapping the debt markets for a fresh infusion of cash. The company announced that it will offer up to $1 billion in senior notes in a private placement.

The company will use the proceeds to restock its coffers following the redemption of a 10% senior secured notes issue, to pay down $250 worth of other senior notes, and for "general corporate purposes." It said the latter might include capital expenditures, investments, and repayments of other existing debt facilities.

In its recently reported Q3 2013, the company's cash and cash equivalents stood at $1.4 billion, down from $1.7 billion in the same period of 2012.