secwatch.observer — SEC 8-K summary
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Issuer:     WESTERN DIGITAL CORP (WDC)
CIK:        0000106040
Form:       8-K
Filed at:   2023-02-01T23:59:59+00:00
Accession:  0001193125-23-020502
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Western Digital secures $900M convertible preferred investment from Apollo and Elliott
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- Issued 900,000 shares of Series A Convertible Preferred at $1,000/share for $900M total to Apollo ($665M) and Elliott ($235M).
- Preferred stock pays cumulative dividend of 6.25% p.a. stepping to 7.25% at year 7 and 8.25% at year 10.
- Conversion price set at $47.75/share, a 25% premium to 20-day VWAP and 44% premium to Jan 4 close before merger rumors.
- Apollo Partner Reed B. Rayman appointed to Board; Apollo retains board nomination rights while holding ≥50% of as-converted stock.
- Amended letter agreement with Elliott grants Elliott a board seat right subject to conditions; standstill restrictions extended.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/106040/000119312523020502/0001193125-23-020502-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/106040/000119312523020502/d425756d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-020502

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer