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TheStreet Open House

Micron Launches $440 Million Offering Of Convertible Senior Notes

Stocks in this article: MU

BOISE, Idaho, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:MU) today announced that it intends to offer, subject to market and other considerations, $220 million aggregate principal amount of convertible senior notes due 2033 (the "2033E Notes") and $220 million aggregate principal amount of convertible senior notes due 2033 (the "2033F Notes" and, together with the 2033E Notes, the "Notes") through an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

In connection with this offering, Micron intends to grant the initial purchasers an over-allotment option with respect to an additional $30 million aggregate principal amount of 2033E Notes and an additional $30 million aggregate principal amount of 2033F Notes.

Micron will use the net proceeds of the offering to finance the repurchase, redemption or repayment of a portion of Micron's 1.875% Convertible Senior Notes due 2014. Pending such uses, Micron intends to invest the net proceeds of the offering in accordance with its existing investment policy.

The terms of the Notes will require Micron to repurchase such Notes at the option of the holders 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 terms of the Notes will permit Micron to redeem all or a part of such Notes on and after dates to be determined, in each case at a redemption price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date.

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