Micron Announces Proposed $750 Million Offering of Senior Notes
July 23 2014 - 8:10AM
BOISE, Idaho, July 23, 2014 (GLOBE NEWSWIRE) --
Micron Technology, Inc., (Nasdaq:MU) today announced that it
intends to offer, subject to market and other considerations, $750
million aggregate principal amount of senior notes due 2025 (the
"Notes") through an offering 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 interest rate, redemption provisions and other
terms of the Notes will be determined by negotiations between
Micron and the initial purchasers.
Micron intends to use a portion of the net
proceeds from the offering to extinguish its obligations with
respect to its 1.875% convertible senior notes due 2031 (the "2031B
Notes"), which may include payments in settlement of conversions of
or to repurchase or redeem such notes. Micron expects to use the
balance of the net proceeds for retirement of other convertible
notes and debt and other general corporate purposes. Earlier today,
Micron gave notice to holders of the 2031B Notes that their notes
will be redeemed on August 22, 2014, except to the extent such
notes are converted or repurchased by Micron prior to such date,
and its current intent is to settle any such conversions entirely
in cash with a portion of the proceeds from the offering.
This announcement does not constitute an offer to
sell or a solicitation of an offer to buy any of the foregoing
securities, nor shall there be any offer, solicitation or sale in
any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful.
The Notes have not been registered under the
Securities Act or any state securities laws and may not be offered
or sold in the United States absent registration or an applicable
exemption from such registration requirements.
CONTACT: Kipp A. Bedard
Investor Relations
kbedard@micron.com
(208) 368-4465
Daniel Francisco
Media Relations
dfrancisco@micron.com
(208) 368-5584
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Micron Technology, Inc. via Globenewswire
HUG#1835113
Micron Technology (NASDAQ:MU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Micron Technology (NASDAQ:MU)
Historical Stock Chart
From Apr 2023 to Apr 2024