Western Digital (NASDAQ: WDC) has entered into exchange agreements with certain holders of its 3.00% Convertible Senior Notes due 2028, according to a company statement.

Under the terms of the agreements, holders will exchange approximately $191.0 million in aggregate principal amount of notes for approximately $192.7 million in cash, which covers the principal amount plus accrued and unpaid interest, along with shares of Western Digital common stock representing the remaining conversion value of the notes.

The number of shares to be issued will be calculated using the volume-weighted average price of Western Digital's common stock on August 26, 2026, the date the agreements were signed.

The transactions are expected to close on or after September 2, 2026, subject to customary closing conditions.