WD exchanges $858.4 million of 2028 convertible notes for cash and about 21.3 million shares

Western Digital agreed on June 2, 2026 to exchange about $858.4 million of its 3.00% convertible senior notes due 2028 with certain holders in privately negotiated deals. Holders receive cash equal to principal plus accrued interest, and the rest of the value in common stock, sized on a two-day VWAP measurement on June 3 and 4. An 8-K/A filed June 8 set the share delivery at 21,289,938 shares, with closing expected on or after June 5. The shares delivered add to the share count even as the debt is retired.

• About $858.4 million of 3.00% convertible notes due 2028 exchanged
• Holders receive cash equal to principal plus accrued interest
• 21,289,938 common shares to be delivered, per the June 8 8-K/A
• Transactions expected to close on or after June 5, 2026