Sandisk Prices Secondary Offering Of 18.53 Mln Shares At $38.50/Shr

(RTTNews) - Sandisk Corporation (SNDK) Friday announced pricing of secondary public offering of 18.53 million of its shares owned by Western Digital Corporation, the company's former parent, at $38.50 per share.

Sandisk will not get any proceeds from the offering , which has been upsized from 17 million shares.

Prior to the closing of the offering, WDC is expected to exchange the SNDK Shares for certain indebtedness of WDC held by affiliates of J.P. Morgan Securities LLC and BofA Securities, the company said in a statement.

The selling stockholders intend to sell the SNDK shares to the underwriters of the Offering.