Western Digital Announces Prepayment of €874 Million of Euro Term B Loans
November 17 2017 - 4:10PM
Business Wire
Western Digital Corporation (NASDAQ: WDC) (“Western Digital” or
the “company”) today announced that it made a voluntary prepayment
of its Euro-denominated term B-2 loans in full using cash on hand.
This prepayment of the Euro-denominated term B-2 loans is
consistent with the company’s commitment to deleveraging and is
expected to generate annual cash interest savings of approximately
$28 million beginning on Nov. 17, 2017, along with approximately
$20 million of annual savings related to hedging costs of the
Euro-denominated term B-2 loans.
About Western Digital
Western Digital creates environments for data to thrive. The
company is driving the innovation needed to help customers capture,
preserve, access and transform an ever-increasing diversity of
data. Everywhere data lives, from advanced data centers to mobile
sensors to personal devices, our industry-leading solutions deliver
the possibilities of data. Western Digital® data-centric solutions
are marketed under the G-Technology™, HGST, SanDisk®, Tegile™,
Upthere™ and WD® brands. Financial and investor information is
available on the company's Investor Relations website at
investor.wdc.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements concerning our expected annual interest
expense and hedging cost savings and commitment to deleveraging.
These forward-looking statements are based on management's current
expectations and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, including: uncertainties
with respect to the company's business ventures with Toshiba;
volatility in global economic conditions; business conditions and
growth in the storage ecosystem; impact of competitive products and
pricing; market acceptance and cost of commodity materials and
specialized product components; actions by competitors; unexpected
advances in competing technologies; the development and
introduction of products based on new technologies and expansion
into new data storage markets; risks associated with acquisitions,
mergers and joint ventures; difficulties or delays in
manufacturing; and other risks and uncertainties listed in the
company's filings with the Securities and Exchange Commission (the
"SEC"), including the company's Form 10-Q filed with the SEC on
Nov. 7, 2017, to which your attention is directed. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and the company undertakes no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
Western Digital, the Western Digital logo, G-Technology,
SanDisk, Tegile, Upthere and WD are registered trademarks or
trademarks of Western Digital Corporation or its affiliates in the
U.S. and/or other countries. Other trademarks, registered
trademarks, and/or service marks, indicated or otherwise, are the
property of their respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005814/en/
Western Digital Corp.Media Contact:Jim Pascoe,
408.717.6999jim.pascoe@wdc.comorInvestor Contact:Bob Blair,
949.672.7834robert.blair@wdc.com
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