Feb. 18 at 2:17 AM
$SNDK announces
$3.09B secondary offering of its shares, to be sold by
$WDC - its former parent company - 80.1% of the equity of its flash memory (renamed Sandisk Corporation) on Feb 21, 2025. In order to receive favorable tax treatment for the spin-off, WDC will dispose of its 19.9% retained interest over the next 8 months.
Western Dig held 28.8M shares of Sandisk - On June 9, WDC sold 21.3M of its Sandisk shares for
$796M - now selling the remaining 7.5M
Western Dig intends to conduct a debt-for-equity exchange whereby, before the offering is complete, it exchanges shares for some debt held by
$JPM &
$BAC
Although no dilution -- Sandisk isn’t issuing new shares -- but more shares to hit the market, increasing supply.
Total Debt:
$4.655B (net debt:
$2.68B)
Debt/EBITDA: 1.2x
Moodys: Ba2 w/ Stable Outlook
