Why Western Digital Shares Are Falling
Portfolio Pulse from Henry Khederian
Western Digital Corp (NASDAQ:WDC) shares fell by 2.7% after the company announced a proposed $1.3 billion convertible notes offering. The notes, due in 2028, will be senior unsecured obligations guaranteed by Western Digital's subsidiaries. The company will pay the principal amount in cash and may pay the rest in cash, common stock, or a combination of both.
October 31, 2023 | 4:33 pm
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Western Digital's stock price fell following the announcement of a $1.3 billion convertible notes offering. The notes will be due in 2028.
The announcement of a large convertible notes offering often leads to a short-term drop in a company's stock price, as it can dilute existing shareholders. In this case, Western Digital's stock price fell by 2.7% following the announcement.
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