Micron Prices $1 Billion Offering of 5.25% Senior Notes
30 January 2015 - 12:24PM
Micron Technology, Inc., (Nasdaq:MU) today announced the pricing of
an offering of $1 billion aggregate principal amount of its 5.25%
senior notes due 2023 (the "Notes"). The Notes are being offered to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), and
outside the United States to non-U.S. persons pursuant to
Regulation S under the Securities Act. The sale of the Notes is
expected to close on February 3, 2015, subject to the satisfaction
of customary closing conditions. Interest on the Notes will accrue
at a rate of 5.25% per year, and will be payable in cash
semi-annually in arrears, beginning on August 1, 2015.
The Notes will mature on August 1, 2023, unless earlier
repurchased or redeemed. Holders may require Micron to repurchase
their Notes upon the occurrence of certain change of control events
at a repurchase price equal to 101% of the principal amount thereof
plus accrued and unpaid interest, if any.
Prior to February 1, 2018, Micron may redeem the Notes, in whole
or in part, at a price equal to 100% of the principal amount
thereof plus a "make-whole" premium and accrued and unpaid
interest, if any. On or after February 1, 2018, Micron may redeem
the Notes, in whole or in part, at specified prices that decline
over time, plus accrued and unpaid interest, if any. In addition,
Micron may use the net cash proceeds of one or more equity
offerings to redeem up to 35% of the aggregate principal amount of
the Notes prior to February 1, 2018 at a price equal to 105.25% of
the principal amount thereof plus accrued and unpaid interest, if
any.
Micron intends to use the net proceeds from this offering for
the retirement or repurchase of convertible notes and debt and
general corporate purposes.
This announcement is neither an offer to sell nor a solicitation
to buy any of the foregoing securities, nor shall there be any sale
of the securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
The Notes will not be registered under the Securities Act, or
any state securities laws, and may not be offered or sold in the
United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities
laws.
CONTACT: Kipp A. Bedard
Investor Relations
kbedard@micron.com
(208) 368-4465
Daniel Francisco
Media Relations
dfrancisco@micron.com
(208) 368-5584
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