News
Western Digital Announces Redemption of 3.00% Convertible Senior Notes Due 2028
SAN JOSE, Calif.--(BUSINESS WIRE)-- Western Digital Corporation (“Western Digital”) announced today that it will redeem all of the $109,505,000 aggregate principal amount outstanding of its 3.00% Convertible Senior Notes due 2028 (CUSIP No. 958102AT2; ISIN No. US958102AT29) (the “Notes”).
The redemption date for the Notes is November 16, 2026 (the “Redemption Date”). The Notes will be redeemed on the Redemption Date at a redemption price equal to 100% of the principal amount being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date, in accordance with the terms of the Notes and the indenture governing the Notes (the “Indenture”). Interest payable on the Notes in respect of the November 15, 2026 interest payment date will be paid to holders of record as of the preceding regular record date and will not be included in the redemption price. After the Redemption Date, interest on the Notes will cease to accrue. Upon completion of the redemption, no Notes will remain outstanding.
Holders of the Notes may surrender all or any portion of their Notes for conversion at any time from and including the date of this announcement until the close of business (5:00 p.m., New York City time) on November 12, 2026, the second scheduled trading day immediately preceding the Redemption Date. Western Digital currently expects that holders of substantially all Notes will convert such Notes before the Redemption Date. However, those holders are not obligated to convert their Notes. The conversion rate in effect on the date of this announcement is 26.5231 shares of Western Digital’s common stock per $1,000 principal amount of Notes, and no additional shares will be added to the conversion rate in connection with the redemption. Upon conversion, Western Digital will satisfy its conversion obligation by paying or delivering, for each $1,000 principal amount of Notes converted, the sum of the daily settlement amounts for each of the 40 consecutive trading days during the relevant observation period, together with cash in lieu of any fractional share. Western Digital has elected a cash percentage of 0% with respect to conversions of Notes. As a result, Western Digital will pay cash for up to the principal amount of the Notes converted and will settle the remainder of the conversion obligation, if any, in shares of its common stock.