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Micron Launches $600.0 Million Offering of Convertible Senior Notes; Using for Share Buyback

Courtesy of Benzinga

Micron Technology, Inc. (Nasdaq: MU) today announced that it intends to offer, subject to market and other considerations, $300.0 million aggregate principal amount of convertible senior notes due 2031 and $300.0 million aggregate principal amount of convertible senior notes due 2031 through an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

In connection with this offering, Micron intends to grant the initial purchasers an over-allotment option with respect to an additional $45.0 million aggregate principal amount of 2031A Notes and an additional $45.0 million aggregate principal amount of 2031B Notes.

The terms of the Notes will require Micron to repurchase such Notes for cash on dates to be determined, in each case at a purchase price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding the repurchase date. In addition, the terms of the Notes will permit holders to require Micron to repurchase their notes upon a change of control or a termination of trading at a purchase price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding the repurchase date.

The Notes will be convertible, subject to certain conditions, into cash up to the principal amount of the Notes and, with respect to any excess conversion value, cash or shares of Micron common stock or a combination thereof, at Micron’s election. The interest rate, the initial conversion price, redemption provisions and other terms of the Notes will be determined by negotiations between Micron and the initial purchasers.


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