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Western Digital launches $2.96 billion loan at Libor plus 200-225 bps
By Sara Rosenberg
New York, Oct. 30 – Western Digital Corp. launched on Monday a $2,963,000,000 term loan B with price talk of Libor plus 200 basis points to 225 bps with a 0% Libor floor and a par issue price, according to a market source.
The term loan B will include 101 soft call protection for six months, the source said.
Bank of America Merrill Lynch, Mizuho and J.P. Morgan Securities LLC are the lead banks on the deal.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to reprice an existing term loan B down from Libor plus 275 bps with a 0.75% Libor 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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