Western Digital prices $1.4B convertible notes due 2028, repurchases $508M of existing 2024 notes

WESTERN DIGITAL CORP

Notes bear 3.00% interest, mature Nov 15, 2028; initial conversion price ~$52.20 (30% premium over $40.15 close).
Net proceeds ~$1.367B; $507M used to repurchase ~$508M aggregate principal of existing 1.50% convertible notes due 2024.
Entered into capped call transactions with initial cap price $70.2625 per share to reduce dilution upon conversion.
Option for initial purchasers to buy additional $200M notes; closing expected Nov 3, 2023.

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