M
ME NEWS
14 Mar 2025, 12:04
Western Digital Announces Bylaw Amendments and $1.8 Billion Debt Redemption
San Jose, CA – March 13, 2025
Western Digital Corporation (NASDAQ: WDC) today announced that its Board of Directors has approved amendments to its Amended and Restated Bylaws, aimed at strengthening corporate governance and compliance with SEC regulations. The company also confirmed the redemption of $1.8 billion in 4.750% Senior Notes due 2026, reinforcing its commitment to financial flexibility.
Key Bylaw Amendments
Western Digital’s board has adopted changes to modernize governance practices and address recent SEC rule changes. The updates include:
Enhanced Shareholder Proposal Rules:
New disclosure requirements for stockholder-nominated directors.
Clarification that stockholders cannot modify nominations after the deadline.
Mandatory board interviews for nominees.
Universal Proxy Compliance:
Stockholders soliciting proxies must use a proxy card color other than white, which is reserved for Board-approved proxies.
Stockholder Meeting Adjustments:
Elimination of the requirement to make stockholder lists available at meetings.
Streamlined adjournment and rescheduling procedures.
Updated Indemnification for Directors & Officers:
Aligns with new industry standards and the company’s revised indemnification agreements.
$1.8 Billion Senior Notes Redemption
Western Digital has also initiated the redemption of $1.8 billion in 4.750% Senior Notes due 2026 (CUSIP No. 958102AM7), effective April 14, 2025.
Redemption Terms:
Principal Repayment: 100% of face value
Accrued Interest Paid Up to Redemption Date
Remaining Notes Outstanding: $500 million
Trustee Notification: The U.S. Bank National Association has issued redemption notices to record holders per DTC procedures.
Company Statement
“These changes position Western Digital for continued success by improving governance transparency and reducing financial liabilities,” said [Company Representative]. “Our debt reduction strategy strengthens our balance sheet and enhances long-term shareholder value.”
San Jose, CA – March 13, 2025
Western Digital Corporation (NASDAQ: WDC) today announced that its Board of Directors has approved amendments to its Amended and Restated Bylaws, aimed at strengthening corporate governance and compliance with SEC regulations. The company also confirmed the redemption of $1.8 billion in 4.750% Senior Notes due 2026, reinforcing its commitment to financial flexibility.
Key Bylaw Amendments
Western Digital’s board has adopted changes to modernize governance practices and address recent SEC rule changes. The updates include:
Enhanced Shareholder Proposal Rules:
New disclosure requirements for stockholder-nominated directors.
Clarification that stockholders cannot modify nominations after the deadline.
Mandatory board interviews for nominees.
Universal Proxy Compliance:
Stockholders soliciting proxies must use a proxy card color other than white, which is reserved for Board-approved proxies.
Stockholder Meeting Adjustments:
Elimination of the requirement to make stockholder lists available at meetings.
Streamlined adjournment and rescheduling procedures.
Updated Indemnification for Directors & Officers:
Aligns with new industry standards and the company’s revised indemnification agreements.
$1.8 Billion Senior Notes Redemption
Western Digital has also initiated the redemption of $1.8 billion in 4.750% Senior Notes due 2026 (CUSIP No. 958102AM7), effective April 14, 2025.
Redemption Terms:
Principal Repayment: 100% of face value
Accrued Interest Paid Up to Redemption Date
Remaining Notes Outstanding: $500 million
Trustee Notification: The U.S. Bank National Association has issued redemption notices to record holders per DTC procedures.
Company Statement
“These changes position Western Digital for continued success by improving governance transparency and reducing financial liabilities,” said [Company Representative]. “Our debt reduction strategy strengthens our balance sheet and enhances long-term shareholder value.”