Western Digital may revise terms of credit agreement again if needed

By Devika Patel

Knoxville, Tenn., May 23 – Western Digital Corp. revamped its credit agreement in December, and management would be willing to amend the agreement again if the need arises.

“We ended the quarter with $5.3 billion of liquidity between the cash on the balance sheet and the credit lines that are available to us and, in December, we amended our credit agreement and, if we see the need for it to be amended again, we’ll be proactive about doing that going forward,” executive vice president and chief financial officer Wissam Jabre said at J.P. Morgan’s 51st Annual Global Technology, Media and Communications Conference in Boston on Monday.

On Jan. 25, the company entered into a loan agreement that provides for a new 364-day delayed-draw term loan facility in a principal amount up to $875 million that is available to be drawn in a single tranche until June 30, 2023.

Western Digital is an Irvine, Calif.-based developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content.

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