secwatch.observer — SEC 8-K summary
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Issuer:     WESTERN DIGITAL CORP (WDC)
CIK:        0000106040
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001193125-23-270415
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Western Digital issues $1.6B 3.00% convertible notes due 2028; refinances existing notes
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- Issued $1.6B aggregate principal (incl. $200M overallotment) of 3.00% convertible senior notes due 2028.
- Net proceeds ~$1.563B; used ~$155M for capped call, ~$507M to repurchase $508M of 1.50% notes due 2024.
- Initial conversion price ~$52.20/share, ~30% premium over $40.15 closing price on Oct 31, 2023.
- Notes mature Nov 15, 2028; redeemable after Nov 15, 2026 if stock price meets 130% threshold.
- Capped call transactions entered to reduce dilution; cap price initially $70.2625/share.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/106040/000119312523270415/0001193125-23-270415-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/106040/000119312523270415/d407149d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-270415

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