Investor Presentaiton
16
Debt Capital Structure
Current Cap Table
© 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Debt Maturity Profile (in billions)
As of
$ 4.0
Rate
All-in
Rate1
Maturity
September
29, 2023
(in millions)
Convertible Debt Due 20242
1.50%
1.50%
2/1/2024
$ 1,100
$ 2.5
$2.2
Delayed Draw Term Loan
S+2.00%5 7.42%
6/28/20246
600
$ 2.0
$1.8
Sr. Unsecured Notes Due 20263
$2.25B Revolver4
4.75%
S+1.375%5 6.81%
4.75%
2/15/2026
2,300
1/7/20276
$ 0.5
$ 0.5
Term Loan A-2
S+1.375%5 6.81%
1/7/20276
2,700
$ 0.0
ד
Sr. Notes Due 20297
2.85%
2.85%
2/1/2029
500
2023
Sr. Notes Due 20327
3.10%
3.10%
2/1/2032
Total Debt
4.984%8
500
$ 7,700
Term Loan A-2
$ 0.2
T
2024
2025
2026
2027
2028 2029 2030 2031
2032
Sr. Unsecured Notes
Convertible Notes
Delayed Draw Term Loan
Sr. Notes
123456
1. All-in applicable rates as of September 29, 2023.
2.
3.
Initial conversion price of $ 121.91 per share. Notes became callable on February 5, 2021.
Notes are callable beginning November 15, 2025.
4.
5.
6.
7.
8.
Revolver capacity: $ 2.25 billion, none of which was drawn and outstanding as of September 29, 2023.
S = Adjusted Term SOFR. Delayed Draw Term Loan, Term Loan A-2, and Revolver have a SOFR floor of 0 bps and Applicable spread over SOFR plus 0.10% based on credit ratings as of September 29, 2023.
Delayed Draw Term Loan, Term Loan A-2, and Revolver will become due on November 2, 2023 if, as of that date, the company does not have Cash and cash equivalents plus available unused capacity under its credit facilities that exceed by $ 1.4
billion the sum of the outstanding balance of the 1.50% convertible notes due 2024 plus the outstanding principal amount of any other debt due within 12 months.
Sr. Notes Due 2029 are callable beginning December 1, 2028 and Sr. Notes Due 2032 are callable beginning November 1, 2031.
Weighted average interest rate is based on principal balances outstanding as of September 29, 2023.View entire presentation