Today's Hard|Forum Post
Today's Hard|Forum Post

Thursday April 14, 2016

WD Closes Offerings Of $1.875B of Senior Secured Notes and $3.35B of Senior Unsecured Notes

Western Digitalآ® Corporation today announced that it has closed its previously announced offerings of $1.875 billion aggregate principal amount of 7.375% senior secured notes due 2023 (the "Secured Notes") and $3.35 billion aggregate principal amount of 10.500% senior unsecured notes due 2024 (together with the Secured Notes, the "Notes") to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-United States persons in transactions outside the United States pursuant to Regulation S under the Securities Act.

The proceeds of the offerings were deposited into escrow, pending the closing of Western Digital’s previously announced proposed merger with SanDisk Corporation ("SanDisk"). Western Digital intends to use the proceeds from the offerings, together with the proceeds from other financing transactions, to finance the merger with SanDisk, refinance indebtedness of Western Digital and SanDisk and pay related fees and expenses. The Notes were issued by Western Digital, and guaranteed, jointly and severally on a senior basis, by certain of Western Digital’s subsidiaries.