Shares of Western Digital Corp (NASDAQ:WDC) ended Friday session in red amid volatile trading. The shares closed down -0.14 points or -0.25% at $55.93 with 3,982,669 shares getting traded. Post opening the session at $55.94, the shares hit an intraday low of $55.82 and an intraday high of $56.80 and the price vacillated in this range throughout the day. The company has a market cap of $15.90 billion and the numbers of outstanding shares have been calculated to be 284.96 million shares.
Western Digital Corp (WDC) on September 23, 2016 announced that it has successfully repriced €885 million of new Euro-denominated term B loans at an interest rate of Euribor + 3.25%, which priced 200 basis points lower than its previous Euro-denominated term B loans borrowed earlier this year in connection with the company’s acquisition of SanDisk Corporation. In connection with this transaction, Western Digital settled the previous Euro-denominated term B loans with the proceeds of this new financing. The terms of the new financing are expected to generate total annual interest savings of approximately $23 million beginning on Sept. 22, 2016. This reflects annual cash interest savings of approximately $20 million resulting from the 200 basis point reduction in interest spread as well as annual non-cash interest savings of approximately $3 million from reduced amortization of debt issuance costs associated with the previous Euro-denominated term B loans. The company expects to incur a debt extinguishment charge of approximately $37 million as a result of this transaction, which will be recorded in the September 2016 quarter. The new term loans have the same remaining tenor as the previous Euro-denominated term B loans and mature on April 29, 2023.
Shares of Zayo Group Holdings Inc (NYSE:ZAYO) ended Friday session in green amid volatile trading. The shares closed up +0.35 points or 1.18% at $30.08 with 3,904,894 shares getting traded. Post opening the session at $29.82, the shares hit an intraday low of $29.75 and an intraday high of $30.15 and the price vacillated in this range throughout the day. The company has a market cap of $7.38 billion and the numbers of outstanding shares have been calculated to be 242.65 million shares.
Zayo Group Holdings Inc (ZAYO) on September 14, 2016 named industry leader Amanda Tierney as executive vice president of Network Connectivity. In her role, she is responsible for the wavelengths, Ethernet, IP and SONET Strategic Business Units.
Tierney joins Zayo from Charter Communications where she served as vice president of Commercial Marketing. Prior to Charter, she held leadership positions during her nine-year tenure at Level 3 in customer care, market management, strategy, wholesale and large enterprise. She began her career at Citi as a financial analyst and investment officer. Tierney holds an MBA from Stanford and a Bachelor of Arts from Bucknell University.
“Amanda is a versatile and seasoned leader, with a strong background in technology, strategy and effective execution,” said Chris Morley, COO at Zayo. “She stands out as someone with the right combination of skills, technology expertise and leadership ability to help us navigate our continued growth.”
“Zayo has achieved amazing results in its short history, and has a dynamic, inclusive culture,” said Tierney. “I am excited about the opportunity to work with the team, which includes many industry colleagues and friends, to drive continued success for Zayo.”