Tuesday, May 15, 2018
WD Announces Successful Repricing Of $2.455B Of USD Term B Loans
Western Digital Corp. today announced that it has successfully priced $2.455 billion of new U.S. dollar-denominated term B-4 loans at an interest rate of LIBOR + 1.75%, which priced 25 basis points lower than its previous term B-3 loans issued in November 2017. This new financing marks the company’s fourth successful repricing of U.S. dollar-denominated term B loans since issuing its original term B loans in connection with its acquisition of SanDisk Corporation in May 2016. In connection with this transaction, Western Digital settled the previous U.S. dollar-denominated term B-3 loans with the proceeds of this new loan. The new financing is expected to generate annual cash interest savings of approximately $6 million beginning on May 15, 2018. The new term loans have the same remaining tenor as the previous U.S. dollar-denominated term B loans and mature on April 29, 2023.