Western Digital Corporation (NASDAQ: WDC) ("Western Digital" or the "company") today announced that it has successfully priced $2.963 billion of new U.S. dollar-denominated term B-3 loans at an interest rate of LIBOR + 2.00%, which priced 75 basis points lower than its previous term B-2 loans issued in March 2017.

This new financing marks the company's third 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-2 loans with the proceeds of this new loan. The new financing is expected to generate annual cash interest savings of approximately $22 million beginning on Nov. 8, 2017, resulting from the 75 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.