Western Digital® Corporation (NASDAQ: WDC) has priced its offerings of USD1.875 billion aggregate principal amount of senior secured notes due 2023 and USD3.35 billion aggregate principal amount of senior unsecured notes due 2024, the company said.
The Secured Notes will bear interest at a rate of 7.375 percent per annum and the Unsecured Notes will bear interest at a rate of 10.500 percent per annum. The sale of the Notes is expected to be completed on April 13, 2016, subject to customary closing conditions.
Western Digital intends to use the proceeds from the offerings, together with the proceeds from other financing transactions, to finance the previously announced proposed merger with SanDisk Corporation (“SanDisk”), refinance indebtedness of Western Digital and SanDisk and pay related fees and expenses. The Notes will be issued by Western Digital, and guaranteed, jointly and severally on a senior basis, by certain of Western Digital´s subsidiaries.
Western Digital is an industry-leading developer and manufacturer of storage solutions that enable people to create, leverage, experience and preserve data.
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