Western Digital announces the closing of its debt offer | Business


SAN JOSE, Calif .– (BUSINESS WIRE) – Dec. 10 2021–

Western Digital Corporation (NASDAQ: WDC) (“Western Digital” or the “Company”) today announced the closing of its binding takeover bid of (i) $ 500,000,000 in aggregate principal of 2.850% of Notes Senior unsecured notes due 2029 and (ii) $ 500,000,000 in aggregate principal amount of 3.100% senior unsecured notes due 2032. The net proceeds of the offering were approximately $ 988 million, after deducting underwriting discounts and commissions and other estimated offering costs. Western Digital intends to use the net proceeds of the Offer, together with available cash, to refinance existing debt and pay the costs and expenses associated with the Offer.

On December 3, 2021, the Company received a corporate investment grade rating from Fitch. This is the Company’s second investment grade corporate rating.

“We are delighted to have taken this step by obtaining the second corporate grade rating and closing of the unsecured notes,” said Bob Eulau, CFO of Western Digital. “Our strong cash flow generation and our commitment to repay debt have enabled Western Digital to lighten our balance sheet. As we approach our target debt levels, we look forward to reassessing our priorities for return on capital and capital allocation. “

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other security and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be illegal. The Notes were issued pursuant to a valid pre-registration statement previously filed with the Securities and Exchange Commission (the “SEC”), and a prospectus supplement and accompanying prospectus filed with the SEC as part of the prior registration statement.

About Western Digital

Western Digital creates environments for data to thrive. As a leader in data infrastructure, the company drives the innovation needed to help customers capture, preserve, access and transform an ever-increasing diversity of data. Wherever data lives, from advanced data centers and mobile sensors to personal devices, our industry-leading solutions offer the possibilities of data. Our data-centric solutions are comprised of the Western Digital®, G-Technology ™, SanDisk® and WD® brands.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s offer and financial performance and capital allocation priorities. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including: future responses and the effects of the COVID-19 pandemic; volatility of global economic conditions; impact of business and market conditions; impact of competitive products and prices; our development and introduction of products based on new technologies and our expansion into new data storage markets; risks associated with cost reduction initiatives, restructurings, acquisitions, divestitures, mergers, joint ventures and our strategic relationships; manufacturing difficulties or delays or other supply chain disruptions; the hiring and retention of key employees; our substantial level of indebtedness and other financial obligations; changes in our relationships with our key customers; business disruption due to cyber attacks or other system security risks; actions of competitors; risks associated with compliance with changing legal and regulatory requirements and with the outcome of legal proceedings; and other risks and uncertainties listed in documents filed by the Company with the SEC, including the Company’s Form 10-Q filed with the SEC on November 4, 2021, to which your attention is drawn. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company assumes no obligation to update these forward-looking statements to reflect new information or new events.

Western Digital, the Western Digital logo, G-Technology, SanDisk, and WD are either registered trademarks or trademarks of Western Digital Corporation or its subsidiaries in the United States and / or other countries.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211210005492/en/

CONTACT: Investor Relations Contact:

Western Digital Corp.

T. Peter Andrew

+ 1-949-672-9655

[email protected]

[email protected] Media contact:

Western digital society

Lisa Neitzel

+ 1-408-717-7607

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: SEMICONDUCTOR DATA MANAGEMENT CONSUMER ELECTRONICS TECHNOLOGY OTHER TECHNOLOGY HARDWARE

SOURCE: Western Digital Corporation

Copyright Business Wire 2021.

PUB: 12/10/2021 4:05 PM / DISC: 12/10/2021 4:06 PM

http://www.businesswire.com/news/home/20211210005492/en

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