Western Digital amends credit agreements, adds liquidity & FCF covenants

WESTERN DIGITAL CORP

Modifies leverage ratio requirements through fiscal Q4 2025.
Adds minimum liquidity covenant through Sept 27, 2024; min free cash flow through Dec 29, 2023.
Extends term loan commitments under DDTL Agreement to Aug 14, 2023.
Company and Western Digital Technologies guarantee and secure credit facilities and certain notes.
Additional restrictive covenants on debt, liens, acquisitions, dividends, and asset sales.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

WESTERN DIGITAL CORP amended Amended and Restated Loan Agreement and DDTL Agreement Credit Agreement Amendments with Western Digital Corporation valued at Western Digital Corporation entered into Credit Agreement Amendments modifying leverage ratio, intro (effective 2023-06-20).

Action: amendment
Agreement: credit facility
Counterparty: Western Digital Corporation
Value: Western Digital Corporation entered into Credit Agreement Amendments modifying leverage ratio, intro
Effective: 2023-06-20

Exact text from the filing

On June 20, 2023, Western Digital Corporation (the “ Company ”) entered into (i) a second amendment (“ Amendment No. 2 ”) to the Company’s Amended and Restated Loan Agreement, dated as of January 7, 2022 (as amended, the “ Loan Agreement ”), (ii) a first amendment (“ DDTL Amendment No. 1 ”) and a second amendment (“ DDTL Amendment No. 2 ”, and together with Amendment No. 2 and DDTL Amendment No. 1, the “ Credit Agreement Amendments ”) to the Company’s loan agreement, dated as of January 25, 2023 (as amended, the “ DDTL Agreement ” and together with the Loan Agreement, the “ Credit Facilities ”).

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Source: SEC EDGAR

accession 0001193125-23-171211

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