Micron Announces Pricing of $1.75 Billion of Senior Notes
July 10 2019 - 6:09PM
Micron Technology, Inc. (NASDAQ: MU) announced today that it has
entered into an agreement to sell $900 million aggregate principal
amount of its 4.185% Senior Notes due 2027 (the “2027 Notes”) and
$850 million aggregate principal amount of its 4.663% Senior Notes
due 2030 (the “2030 Notes” and, together with the 2027 Notes, the
“notes”) pursuant to an effective shelf registration statement on
file with the Securities and Exchange Commission (the “SEC”). The
offering is expected to settle on July 12, 2019, subject to
customary closing conditions.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and
Wells Fargo Securities, LLC are the joint book-running managers of
the notes offering.
The 2027 Notes will bear interest at a rate of 4.185% per year
and the 2030 Notes will bear interest at a rate of 4.663% per year.
Interest on each series of notes will be payable semi-annually on
February 15 and August 15 of each year, commencing on February 15,
2020.
Micron estimates net proceeds of the offering, after deducting
underwriter discounts and other estimated offering expenses, will
be approximately $1.739 billion. Micron intends to use a
substantial portion of the net proceeds of the offering to fund the
purchase price for Intel Corporation’s (“Intel”) noncontrolling
interest in IM Flash Technologies, LLC (“IM Flash”) and IM Flash
debt owed to Intel. Micron intends to use the remaining net
proceeds from the offering for general corporate purposes, which
may include capital expenditures, working capital, and the
repayment, repurchase, redemption or other retirement of its other
existing indebtedness.
Micron has filed an effective registration statement (including
a preliminary prospectus supplement and accompanying base
prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
preliminary prospectus supplement included in that registration
statement and other documents Micron has filed with the SEC for
more complete information about Micron and this offering. Copies of
these documents may be obtained at no cost by visiting EDGAR on the
SEC website at www.sec.gov. Alternatively, Goldman Sachs
& Co. LLC, J.P. Morgan Securities LLC and Wells Fargo
Securities, LLC can arrange to send you the prospectus if you
request it by calling Goldman Sachs & Co. LLC toll-free at
1-866-471-2526, J.P. Morgan Securities LLC at 212-834-4533 or Wells
Fargo Securities, LLC toll-free at 1-800-645-3751.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the notes described herein, nor
shall there be any sale of these notes in any state or other
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering of these
notes will be made only by means of a prospectus supplement and the
related prospectus. The notes being offered have not been approved
or disapproved by any regulatory authority, nor has any such
authority passed upon the accuracy or adequacy of the registration
statement, the prospectus contained therein or the prospectus
supplement.
This press release contains forward-looking statements related
to the proposed public offering and settlement of notes and
Micron’s intention to use a substantial portion of the net proceeds
of the offering to fund the purchase price for Intel’s
noncontrolling interest in IM Flash and IM Flash debt owed to
Intel. Actual events or results may differ materially from those
contained in the forward-looking statements. Please refer to
Micron’s registration statement on Form S-3 and the preliminary
prospectus supplement incorporated by reference therein, as well as
the other documents Micron files, from time to time, with the SEC.
These documents contain and identify important factors that could
cause the actual results for Micron on a consolidated basis to
differ materially from those contained in Micron's forward-looking
statements. Although Micron believes that the expectations
reflected in the forward-looking statements are reasonable, Micron
cannot guarantee future results, levels of activity, performance or
achievements. Micron is under no duty to update any of the
forward-looking statements after the date of this press release to
conform to actual results.
Micron Media Relations Contact
Erica Rodriguez Pompen
Micron Technology, Inc.
+1 (408) 834-1873
epompen@micron.com
Micron Investor Relations Contact
Farhan Ahmad
Micron Technology, Inc.
+1 (408) 834-1927
farhanahmad@micron.com
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