Fitch rates Western Digital notes BB+

Fitch Ratings said it rated Western Digital Corp.’s recently priced $1.6 billion of 3% convertible senior notes due 2028 BB+/RR4 and its $600 million senior secured delayed-draw term loan due June 28, 2024 BBB-/RR2. The agency also placed the ratings on rating watch negative.

Western Digital used the proceeds from the convertible notes to enter a capped call transaction and fund privately negotiated repurchases of $1.1 billion of 1.5% convertible senior notes maturing on Feb. 1, 2024. Fitch expects the company to use the rest for debt reduction.

Fitch downgraded Western Digital’s senior unsecured rating to BB+/RR4 from BBB-.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.