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Legal News

Cahill Represents Initial Purchasers, Underwriters and Dealer Managers in Offerings for Western Digital Corporation

Date: 02/13/18

Cahill represented Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC (i) as representatives of the several initial purchasers in connection with the Rule 144A offering of $1,100,000,000 aggregate principal amount of 1.50% convertible senior notes due 2024 and (ii) as representatives of the several underwriters in connection with the registered notes offering of $2,300,000,000 aggregate principal amount of 4.750% senior notes due 2026 in each case, issued by Western Digital Corporation, one of the largest computer hard disk drive manufacturers in the world.  The net proceeds of the 2024 Notes will be used by the Company, together with available cash on hand and net proceeds from the anticipated new Term Loan A-1 Facility of the Company, to redeem all of its currently outstanding 7.375% senior secured notes due 2023, including all accrued interest, related premiums, fees and expenses.  The Company will use the net proceeds of the 2026 Notes, together with available cash on hand, to fund its concurrent cash tender to purchase any and all of its currently outstanding 10.500% senior unsecured notes due 2024.  In connection with the tender, Cahill represented Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as dealer managers for the tender.