Western Digital 7.375% 4/1/2023 senior secured

Western 7.375%債價網站

Western10.375% 債價網站

Western Digital Corp (WDC.O) incorporated on October 26, 2000, is a data storage solutions company. The Company is a developer, manufacturer and provider of data storage solutions that enable consumers, businesses, governments and other organizations to create, manage, experience and preserve digital content. The Company’s product portfolio includes hard disk drives (HDD) and solid-state drives (SSDs). HDDs are the Company’s products and a storage medium for digital content, with the use of solid-state storage products growing rapidly. The Company’s products are marketed under the HGST, WD and G-Technology brand names. The Company offers Products and Solutions including: Enterprise Storage Solutions, Client: Desktop and Notebook PCs, Branded Product Solutions, Consumer Electronics Solutions. The Company offers Technology Products including Hard Disk Drives and Solid-State Drives.

   http://www.wdc.com/ch/company/pressroom/

COMPARISON

Bond	West Digital 7.375%	West Digital 10.5%
Maturity Date	4/1/2023	4/1/2024
Next Call Dates	4/1/2019 (103.688) 4/1/2020 (101.844) 4/1/2021        (100)	before 4/1/2019 (110) 4/1/2019 (107.875) 4/1/2020   (105.25) 4/1/2021       (100)
Bond Ratings (Moody's/S&P/Fitch) Issurer Ratings	Baa3/BBB-/BBB- Ba2/BB+/BB+	Ba2/BB+/BB+ Ba2/BB+/BB+
Bond Nature	senior secured	senior unsecured
Indication Offer	102.5	98
YTM(Duration)	6.93%(5.37)	10.86(5.4)
YTC	7.56%

OVERALL
Beta:	1.45
Market Cap(Mil.):	$8,675.34
Shares Outstanding(Mil.):	232.77
Dividend:	0.5
Yield (%):	5.37
FINANCIALS	WDC.O	Industry	Sector
P/E (TTM):	10.52	18.38	20.93
EPS (TTM):	3.54	--	--
ROI:	6.86	9.08	11.72
ROE:	8.79	13.02	9.08

FINANCIAL STRENGTH	Company	industry	sector
Quick Ratio (MRQ)	2.7	1.4	1.73
Current Ratio (MRQ)	3.14	1.68	2.34
LT Debt to Equity (MRQ)	20.81	25.37	11.4
Total Debt to Equity (MRQ)	22.93	39.55	19.11

http://www.reuters.com/finance/stocks/financialHighlights?symbol=WDC.O

Western Digital Corp. Rated 'BB+' On Sandisk Corp. Acquisition

Outlook Stable By Standard & Poor

U.S.-based Western Digital Corp., a manufacturer of hard disk drives 
(HDDs) and other data storage products, is issuing approximately $14 
billion of debt to fund its previously announced acquisition of SanDisk 
Corp.
We are assigning our 'BB+' corporate credit rating to Western Digital. 
We are also assigning our 'BBB-' issue-level rating and '2' recovery 
rating to the company's proposed senior secured notes and senior secured 
credit facilities, and our 'BB+' issue-level rating and '4' recovery 
rating to its proposed senior unsecured notes.
The stable rating outlook reflects our expectation that SanDisk's NAND 
technologies will enable Western Digital to successfully navigate the 
threat of solid state drive (SSD) substitution to the HDD industry.

NEW YORK (Standard & Poor's) March 11, 2016--Standard & Poor's Ratings 
Services today said it assigned its 'BB+' corporate credit rating to Irvine, 
Calif.-based Western Digital Corp. The rating outlook is stable.

At the same time, we assigned our 'BBB-' issue-level rating and '2' recovery 
rating to the company's proposed $1 billion seven-year senior secured notes 
and $10 billion senior secured credit facility, which consists of a $1 billion 
five-year revolving credit facility, a $3 billion five-year term loan A, and a 
$6 billion seven-year term loan B. The '2' recovery rating indicates our 
expectation for substantial recovery (70%-90%; lower half of the range) of 
principal in the event of a payment default. 

We also assigned our 'BB+' issue-level rating and '4' recovery rating to the 
company's proposed $4.1 billion eight-year senior unsecured notes. The '4' 
recovery rating indicates our expectation for average recovery (30%-50%; lower 
half of the range) of principal in the event of a payment default.

"The rating on Western Digital reflects our view that the array of SanDisk's 
NAND technologies and manufacturing capacity, through the Toshiba joint 
venture, will enable Western Digital to better navigate the transition in 
storage toward SSDs for data-driven performance sensitive applications serving 
the needs of both consumer and enterprise customers," said Standard & Poor's 
credit analyst Jenny Chang. 

Continued weakness in the personal computer (PC) end market, declining demand 
for HDD products, and considerable customer concentration represent ongoing 
credit risks and are the basis for our business risk profile assessment for 
the combined entity. The rating also reflects our expectation that Western 
Digital will maintain leverage below 3x, including our surplus cash netting 
and other adjustments, despite our expectation that revenues, on a pro forma 
basis, will decline over the next 12 to 18 months.

The stable rating outlook reflects our expectation that SanDisk's NAND 
technologies will enable Western Digital to successfully navigate the threat 
of SSD substitution to its HDD business, and that the combined entity will 
generate healthy free cash flow and sustain adjusted leverage below 3x over 
the next 12 to 18 months.