Western Digital (WDC) has received regulatory approval from China’s Ministry of Commerce (MOFCOM) in connection with the planned acquisition of SanDisk Corporation. The MOFCOM decision completes the regulatory review process required for this transaction.

According to a related 8-K filing, WDC entered into a credit agreement with JPMorgan Chase, as administrative agent and collateral agent, and other lenders for $9.875 billion in credit facilities to support the acquisition and refinance certain existing indebtedness of WDS and SanDisk.

“We are pleased to have received approval from MOFCOM, the final regulatory milestone for our combination with SanDisk,” said Steve Milligan, chief executive officer of Western Digital. “We look forward to closing the transaction and to integrating our two global businesses to create the leading storage solutions company.”

The transaction has also received regulatory approvals in the U.S., E.U., Singapore, Japan, Taiwan, South Korea, South Africa and Turkey. Western Digital and SanDisk shareholders voted to approve the transaction at their respective special shareholders meetings held on March 15, 2016.

Irvine, CA-based Western Digital is a manufacturer of storage solutions that enable people to create, leverage, experience and preserve data.

Milpitas, CA-based SanDisk Corporation is a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions.

Term Sheet From 8K:

Western Digital Corporation


Administrative & Collateral Agent:
JPMorgan Chase Bank

Term A Facility and Revolving Facility:
J.P. Morgan Securities
Merrill Lynch
Pierce, Fenner & Smith
Credit Suisse Securities (USA)
RBC Capital Markets
Mizuho Bank
The Bank Of Tokyo-Mitsubishi UFJ

Lead Joint Arrangers, Joint Bookrunners and Co-Syndication Agents:
HSBC Securities (USA)
Sumitomo Mitsui

Term B Facilities:
BBVA Compass
The Bank of Nova Scotia
BNP Paribas Securities
TD Securities (USA)

Term A Facility and the Revolving Facility:
TD Bank
Wells Fargo

Co-Documentation Agents:
U.S. Bank
Suntrust Bank

Managing Agents:
Fifth Third Bank
Standard Chartered Bank
Suntrust Robinson Humphrey
DBS Bank

April 29, 2016