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WESTERN DIGITAL SIGNS NEW BANK AGREEMENT; $38 MILLION REPAID UNDER PREVIOUS SECURED AGREEMENT

 IRVINE, Calif., Jan. 12 /PRNewswire/ -- Western Digital Corp. (NYSE: WDC) announced today that it has entered into a new $75 million accounts receivable facility. One part of the agreement is a $50 million three-year arrangement with J.P. Morgan Delaware as agent and The First National Bank of Boston as co-agent. The remaining part of the facility is a $25 million arrangement with Delaware Funding Corp., a J.P. Morgan-sponsored funding vehicle, that is designed to approximate prevailing commercial paper rates (plus certain costs of issuance).
 Earlier in the current fiscal quarter, the company repaid approximately $38 million of bank borrowings under its then existing secured credit facility, bringing its total debt repayment to $206 million since its November 1991 debt restructuring.
 The new facility is intended to serve as a source of working capital as may be needed from time to time. The company's prior secured credit facilities were terminated concurrently with implementation of the new facility. As of Jan. 11, 1994, the company's only remaining debt consisted of $59 million in principal amount of its 9 Percent Convertible Subordinated Debentures due 2014.
 -0- 1/12/94
 /CONTACT: Robert J. Blair of Western Digital, 714-932-7834/
 (WDC)


CO: Western Digital Corp. ST: California IN: CPR SU:

JL-MF -- LA034 -- 1491 01/12/94 15:28 EST
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Publication:PR Newswire
Date:Jan 12, 1994
Words:215
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