Pricing Of Western Digital $1.875 Billion of Senior Secured Notes and $3.35 Billion of Senior Unsecured Notes

Western Digital Corporation has priced its offerings of $1.875 billion aggregate principal amount of senior secured notes due 2023 and $3.35 billion aggregate principal amount of senior unsecured notes due 2024 to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-United States persons in transactions outside the United States pursuant to Regulation S under the Securities Act.

The secured notes will bear interest at a rate of 7.375% per annum and the unsecured notes will bear interest at a rate of 10.500% 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, 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.

The notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act.

Read also:
Western Digital Proposes $1.5 billion of Senior Secured Notes Due 2023
And 4.1 billion of senior unsecured notes due 2024, to finance SanDisk acquisition
2016.03.18 | Press Release