Western Digital Corp (NASDAQ:WDC) shares are trading lower by 2.7% to $40.66 Tuesday morning after the company announced a proposed $1.3 billion convertible notes offering.
What Else?
Western Digital is planning to offer $1.3 billion in convertible senior notes due in 2028, pending market conditions. These notes will be senior unsecured obligations guaranteed by Western Digital’s subsidiaries.
Upon conversion, Western Digital says the company will pay the principal amount in cash and may pay the rest in cash, common stock or a combination of both. Interest is to be paid semiannually from May 15, 2024.
The notes will mature on November 15, 2028, unless redeemed earlier. Specific terms will be determined at the offering’s pricing.
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According to data from Benzinga Pro, WDC has a 52-week high of $47.14 and a 52-week low of $29.73.
