Western Digital Amends Loan Agreement to Ease Leverage Covenants Through Q3 FY2024

WESTERN DIGITAL CORP

Amendment No. 1 to Amended and Restated Loan Agreement dated Jan 7, 2022, effective Dec 23, 2022.
Modifies leverage ratio covenant requirements through fiscal quarter ending Sep 27, 2024.
Limits incurrence of Priority Debt during the Covenant Relief Period.
Requires certain subsidiaries to provide guarantees under the Loan Agreement during any Guarantee Period.
Consent fee of 0.10% paid to lenders consenting by Dec 22, 2022.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WESTERN DIGITAL CORP amended Amendment No. 1 (effective 2022-12-23).

Action: amendment
Agreement: credit facility
Effective: 2022-12-23

Exact text from the filing

On December 23, 2022, Western Digital Corporation (the “Company”) entered into a first amendment (the “Amendment No. 1”) to the Company’s Amended and Restated Loan Agreement, dated as of January 7, 2022 (as amended, the “Loan Agreement”), which, among other changes, (a) modifies the leverage ratio requirements of the financial covenant through the Company’s fiscal quarter ending September 27, 2024, (b) limits the incurrence of Priority Debt (as defined in the Loan Agreement) during the Covenant Relief Period (as defined in the Loan Agreement) and (c) requires certain subsidiaries of the Company to provide guarantees under the Loan Agreement during any Guarantee Period (as defined in the Loan Agreement) to the extent the conditions for providing such guarantees are met during the Covenant Relief Period.

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Source: SEC EDGAR

accession 0001193125-22-311796

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