Western Digital Closes $1.875 Billion Senior Secured Notes

Western Digital Corp WDC revealed it closed its $1.875 billion principal amount of 7.375 percent senior secured notes due 2023. The company also closed its 10.5 percent senior unsecured notes due 2024 for $3.35 billion. It was issued to the qualified institutional investors, according to the company.

Western Digital said the proceeds from the offerings were deposited into escrow account pending the closing of its planned merger with SanDisk Corporation. The company indicated it would use the proceeds to finance the merger with SanDisk and refinance its debt. It would also use the proceeds for paying up the debt of SanDisk and related fees and expenses.

Shares of the company traded up by 1.71 percent.