177  0 Kommentare  Western Digital Announces Upsize And Pricing Of $1.4 Billion Convertible Notes Offering

Western Digital Corporation (Nasdaq: WDC) (“Western Digital”) today announced that it has priced its offering of $1.4 billion aggregate principal amount of convertible senior notes due 2028 (the “notes”), reflecting an increase of $100 million over the previously announced offering size. Western Digital granted the initial purchasers an option to purchase, during the 13-day period beginning on, and including, the first date on which the notes are issued, up to an additional $200 million principal amount of notes. The sale of the notes is expected to be completed on November 3, 2023, subject to customary closing conditions.

The notes will be senior unsecured obligations of Western Digital and will be guaranteed, jointly and severally, on a senior unsecured basis by each of Western Digital’s wholly-owned subsidiaries from time to time guaranteeing Western Digital’s 4.75% senior unsecured notes due 2026 (the “2026 Notes”) (initially, Western Digital Technologies, Inc.) or that is a guarantor or obligor with respect to certain refinancing indebtedness with respect to the 2026 Notes. The notes will bear interest at a rate of 3.00% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2024. The notes will mature on November 15, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms.

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The notes will have an initial conversion rate of 19.1589 shares of Western Digital’s common stock per $1,000 principal amount of the notes (equivalent to an initial conversion price of approximately $52.20 per share of Western Digital’s common stock). The initial conversion price represents a premium of approximately 30% to the $40.15 per share closing price of Western Digital’s common stock on October 31, 2023. Prior to the close of business on the business day immediately preceding August 15, 2028, the notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon any conversion of the notes, Western Digital will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of Western Digital’s common stock or a combination of cash and shares of Western Digital’s common stock, at Western Digital's election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted.