WDC is trading at $294.50 (+3.66%) after announcing a $3.17 billion debt-for-equity swap with JPMorgan and BofA affiliates to sell approximately 5.8 million SanDisk shares at $545 each.
- The transaction is structured to extinguish existing debt and reduce corporate leverage as the company exits its remaining SanDisk position ahead of the spinoff's one-year anniversary.
- Expected to close by February 19, the deal leaves Western Digital with roughly $1 billion in residual SanDisk shares for future disposition or shareholder distributions.