Western Digital (WDC): Lower Credit Cost Boosts Estimates
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Mizuho Securities analyst, Vijay Rakesh, reiterated his Buy rating on shares of Western Digital Corp. (NASDAQ: WDC) after the company announced that it has repriced its €885M Term B Loan, dropping the cost to Euribor + 3.25%, ~200 bps lower than previous pricing (Euribor+525bps).
The combination of the August repricing of the company's $3.0B loan is expected to save over $150M in annual interest payments. The analyst believes that the improving near-term fundamentals opens the door to upside accretive re-financing of another ~$7B of debt at lower rates.
No change to the price target of $60.
Shares of Western Digital Corp. closed at $56.07 yesterday.
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