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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Western Digital Woos Institutional Investor

March 01, 2000|Dow Jones

Western Digital Corp. is offering to sell nearly 3.3 million new shares of common stock at $4.36 a share to an institutional investor, according to a regulatory document filed Tuesday.

The struggling Irvine maker of hard-disk drives said it expects to receive $14.3 million from the offering, which constitutes 2.4% of Western's outstanding shares, according to the prospectus filed with the Securities and Exchange Commission. The company said it intends to use the proceeds for general corporate purposes, including working capital.

Western's stock closed Tuesday at $4.50, up 56 cents share, on the New York Stock Exchange.

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