Western Digital exchanges $858M of convertible notes for cash and shares, reducing debt

Filed June 3, 2026 · Period ending June 2, 2026 · ~1 min read

Key Changes

• high

  Company retiring $858.4 million of 3.00% convertible notes due 2028 through private exchanges with noteholders, paying cash equal to principal plus interest and issuing additional common shares based on June 3-4 stock price.

  Item 3.02 verify on EDGAR →
• high

  Transaction reduces debt obligations but dilutes existing shareholders through issuance of new common stock. The number of shares to be issued depends on the volume-weighted average price over a two-day measurement period.

  8-K: Exchange Agreements verify on EDGAR →
• medium

  Exchange expected to close on or after June 5, 2026, subject to customary closing conditions. The quick timeline indicates management is moving swiftly to restructure this debt.

  8-K: Transaction timing verify on EDGAR →