Simpson Thacher Advised J.P. Morgan And BofA On Sandisk’s Debt-for-Equity Exchange And Secondary Offering

Simpson Thacher Advised J.P. Morgan and BofA on Sandisk’s Debt-for-Equity Exchange and Secondary Offering

Simpson Thacher represented J.P. Morgan Securities LLC and BofA Securities, Inc., each in its capacity as selling stockholder, and the underwriters led by J.P. Morgan and BofA, in connection with the secondary offering of 21,314,768 shares of common stock of Sandisk Corporation, including shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares.

The shares were received by J.P. Morgan and BofA from Western Digital Corporation, Sandisk’s former parent, under a debt-for-equity exchange agreement in which the banks exchanged certain indebtedness of Western Digital for equity in Sandisk.

Sandisk, a global leader in NAND flash-based data storage solutions, continues to serve a diverse customer base from consumers to hyperscale enterprises with its expansive product portfolio, including SSDs, embedded products, and memory cards.

Simpson Thacher has a strong track record in handling tax-free debt-for-equity and debt-for-debt transactions, having previously advised on landmark deals involving GE, MDU Resources, Discovery-WarnerMedia, Neogen-3M, and Olin-Dow Chemical.

The Simpson Thacher team included David Azarkh, Evan Zuckerman, Erica Yoon, Sofia Elkina, Suzanne Kaufman, and Kiley Short (Capital Markets); Dan Kay and Alex Kleinhaus-Resisi (Credit); Andrew Purcell and George Rhein (Tax); Corina Holland (Intellectual Property); Jeanne Annarumma (ECEB); and Jennie Getsin (FINRA).

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