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

Wednesday June 08, 2016

Western Digital Updates Status of Conversions of SanDisk Convertible Notes

Western Digital Corporation and its wholly-owned subsidiary SanDisk Corporation ("SanDisk") announced today that as of June 6, 2016, it has received notices of conversion from holders of approximately $919.2 million, or 92% of the outstanding principal amount, of their 1.5% Convertible Senior Notes due 2017 (the "2017 Notes") and from holders of approximately $1.2 billion, or 83% of the outstanding principal amount, of their 0.5% Convertible Senior Notes due 2020 (the "2020 Notes" and, together with the 2017 Notes, the "Notes").

Holders of the Notes currently have the right to convert their notes into cash and WDC stock at a temporarily increased conversion rate or require SanDisk to purchase their Notes at par plus accrued and unpaid interest by tendering their notes pursuant to the terms of the tender offer announced by SanDisk on May 12, 2016. The deadline for exercising either of those rights is June 9, 2016, at 11:59 p.m., Eastern Time.