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Western Digital to launch U.S. and euro loan repricing on Thursday
By Sara Rosenberg
New York, March 1 – Western Digital Corp. will hold a lender call on Thursday to launch a repricing of its $2,985,000,000 term loan B-2 due April 2023 and its €880,580,000 term loan due April 2023, according to a market source.
J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the lead banks on the deal, with JPMorgan left on the U.S. loan and Bank of America left on the euro loan.
The U.S. term loan B-2 is talked at Libor plus 275 basis points with a 0.75% Libor floor and a par issue price, and the euro term loan is talked at Euribor plus 200 bps to 225 bps with a 0.75% floor and a par issue price, the source said.
Both repriced loans have 101 soft call protection for six months.
The repricing will take the U.S. term loan down from Libor plus 375 bps with a 0.75% Libor floor and the euro term loan down from Euribor plus 325 bps with a 0.75% floor.
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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