Investor Presentaiton
16
Debt Capital Structure
Current Cap Table
© 2023 WESTERN DIGITAL CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Debt Maturity Profile (in billions)
Rate
All-in
Rate¹
Maturity
As of March
31, 2023
(in millions)
$ 4.0
Over 80% of debt to mature in 2026 or later
$ 3.0
Delayed Draw Term Loan²
S+2.00%6 6.81%
Convertible Debt Due 20243
1.50%
1.50%
TBD2
2/1/2024
$ 0
$ 2.5
$ 2.2
1,100
$ 2.0
Sr. Unsecured Notes Due 20264
4.75%
4.75%
2/15/2026
2,300
$ 1.2
$2.25B Revolver5
S+1.375%6 6.28%
1/7/20277
$ 1.0
$ 0.5
$ 0.5
Term Loan A-2
S+1.375%6 6.28%
1/7/20277
2,700
$ 0.2
Sr. Unsecured Notes Due 20298
Sr. Unsecured Notes Due 20328
Total Debt
2.85%
3.10%
2.85%
3.10%
4.579%⁹
2/1/2029
2/1/2032
500
$ 0.0
T
2023
2024 2025
2026 2027 2028
2029
2030 2031 2032
500
Term Loan A-2
Sr. Unsecured Notes
Convertible Notes
$ 7,100
1.
All-in applicable rates as of March 31, 2023.
2.
3.
Delayed draw term loan facility of $ 875 million can be drawn anytime prior to June 30, 2023. The amount drawn will bear interest at either Adjusted Term SOFR plus an applicable margin from 1.750% to 2.625% or a base rate plus an applicable
margin from 0.750% to 1.625%, depending on the company's corporate family ratings. The amount borrowed will mature 364 days following the date of the initial draw. However, the due date will be accelerated to November 2, 2023 if conditions for
acceleration of amounts due under the Term Loan A-2 and Revolver noted in footnote 7 below have been triggered.
Initial conversion price of $121.91 per share. Notes became callable on February 5, 2021.
4. Notes are callable beginning November 15, 2025.
3456N
5.
6.
7.
8.
9.
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Revolver capacity: $ 2.25 billion, none of which was drawn as of March 31, 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 for Term Loan A-2 and Revolver over SOFR plus 0.10% based on credit ratings as of March 31, 2023.
Revolver and Term A-2 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 billion the sum of the outstanding
balance of the 1.50% convertible notes due 2024 plus the outstanding principal amount of any other debt maturing within 12 months.
Sr. Unsecured Notes Due 2029 are callable beginning December 1, 2028 and Sr. Unsecured Notes Due 2032 are callable beginning November 1, 2031.
Weighted average interest rate is based on principal balances outstanding as of March 31, 2023.View entire presentation