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Western Digital talks $2.3 billion eight-year notes at high 4% area
By Paul A. Harris
Portland, Ore., Jan. 30 – Western Digital Corp. plans to price $2.3 billion of non-callable eight-year senior notes (Baa3/BB+) on Tuesday, according to market sources.
Initial price talk has the deal coming with a yield in the high 4% area, a trader said.
BofA Merrill Lynch and J.P. Morgan Securities LLC are the lead bookrunners for the public offering. RBC Capital Markets LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC are joint bookrunners.
The San Jose, Calif.-based data solutions provider plans to use the proceeds, together with cash on hand, to fund its concurrent tender offer.
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