Exhibit 99.1
WESTERN DIGITAL ANNOUNCES CLOSING OF DEBT OFFERING
SAN JOSE, Calif. – December 10, 2021 — Western Digital Corporation (NASDAQ: WDC) (“Western Digital” or the “Company”) today announced the closing of its underwritten public offering of (i) $500,000,000 aggregate principal amount of 2.850% senior unsecured notes due 2029 and (ii) $500,000,000 aggregate principal amount of 3.100% senior unsecured notes due 2032. The net proceeds of the offering were approximately $988 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Western Digital intends to use the net proceeds of the offering, together with available cash on hand, to refinance existing indebtedness and to pay fees and expenses in connection with the offering.
On December 3, 2021, the Company received an investment grade corporate rating from Fitch. This marks the Company’s second investment grade corporate rating.
“We are pleased to have achieved this milestone of receiving the second investment grade corporate rating and closing of the unsecured notes”, said Bob Eulau, Western Digital’s CFO. “Our strong cash flow generation, and our commitment to paying down debt have enabled Western Digital to delever our balance sheet. As we approach our targeted debt levels, we look forward to re-evaluating our capital return and capital allocation priorities.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes or any other security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale would be unlawful. The notes were issued pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”), and a prospectus supplement and accompanying prospectus filed with the SEC as part of the shelf registration statement.
