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Western Digital expects to pay convertibles put in cash
New York, Nov. 8 - Western Digital Corp. said it expects to pay most if not all of the upcoming put on its zero-coupon convertible subordinated debentures due Feb. 18, 2018 in cash.
The Lake Forest, Calif. storage company said in a filing with the Securities and Exchange Commission Friday that current forecasts show that it will continue to generate positive cash flow from operations.
As a result, Western Digital intends to pay the "majority, if not all, of its put" in cash instead of common stock.
Holders can put the convertibles to the company on Feb. 18, 2003 at the issue price plus accrued original issue discount. The securities were issued with a yield of 5.25%.
In addition, during the most recent quarter ending Sept. 27, Western Digital said it spent $14.3 million to buy back convertibles.
As of Sept. 27, it had $72.599 million of the convertibles outstanding.
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