Western Digital privately negotiates for 1.5% convertible bond buybacks

Chicago, Nov. 1 – Western Digital Corp. entered into separate and individually negotiated transactions to repurchase approximately $508 million of its existing 1.5% convertible senior notes due 2024, according to a press release.

The company will pay approximately $507 million in cash, including accrued interest, for the notes.

Funding for the buyback is coming from a portion of the proceeds of a new offering of 3% convertible bonds due 2028, priced late Tuesday.

The company will be setting aside proceeds from the new offering for further private repurchases or the maturity date redemption of the 1.5% notes.

Western Digital is a San Jose, Calif.-based data storage solutions company.

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