Western Digital in Amendment to Credit Agreement

June 20, 2023

Cleary Gottlieb represented Western Digital Corporation (Western Digital) in amendments to its existing term loan and revolving loan agreement and delayed draw term loan agreement.

The amendments, among other things, reinstate guarantee and security for the credit facilities until certain conditions are met and provide financial covenant relief, but tighter restrictive covenants, while the credit facilities are secured and guaranteed. The amendments also extend the commitment under the delayed draw term loan agreement until August 14, 2023, and reduce the commitment amount to $600 million.

In connection with the amendments, the obligations under Western Digital’s 4.75% senior notes due 2026 have been guaranteed and the obligations under Western Digital’s 2.85% senior notes due 2029 and 3.1% senior notes due 2032 have been secured by collateral on an equal and ratable basis to the obligations under the credit facilities.

The transaction closed on June 20, 2023.

Western Digital is a leading developer, manufacturer, and provider of data storage devices and solutions that address the evolving needs of information technology and the infrastructure that enables the proliferation of data in virtually every industry.