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Western Digital announces repricing of $2.9 billion of use term b loans

Western Digital announces repricing of $2.9 billion of use term b loans
Western Digital, announced that it has successfully priced $2.9 billion of new U.S. dollar-denominated term B-2 loans at an interest rate of LIBOR + 2.75%, which priced 100 basis points lower than its previous term B-1 loans issued in August 2016.
Western Digital, announced that it has successfully priced $2.9 billion of new U.S. dollar-denominated term B-2 loans at an interest rate of LIBOR + 2.75%, which priced 100 basis points lower than its previous term B-1 loans issued in August 2016. The interest rate margin on the new loans is subject to an additional 25 basis point step-down following any quarter during which the Company's total leverage ratio is less than 1.75:1.00. This new financing marks the company's second successful repricing of U.S. dollar-denominated term B loans since issuing its original term B loans in connection with its acquisition of SanDisk Corporation in May 2016. In connection with this transaction, Western Digital settled the previous U.S. dollar-denominated term B-1 loans with the proceeds of this new loan. The new financing is expected to generate annual cash interest savings of approximately $30 million beginning on March 14, 2017, resulting from the 100 basis point reduction in interest spread. The new term loans have the same remaining tenor as the previous U.S. dollar-denominated term B loans and mature on April 29, 2023.
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