Micron Announces Pricing Of Convertible Senior Notes Offerings

BOISE, Idaho, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:MU) today announced the pricing of an offering of $270 million aggregate principal amount of its 1.625% convertible senior notes due 2033 (the "2033E Notes") and $270 million aggregate principal amount of its 2.125% convertible senior notes due 2033 (the "2033F Notes" and, together with the 2033E Notes, the "2033 Notes"). The 2033 Notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Micron has granted the initial purchasers an option to purchase up to an additional $30 million aggregate principal amount of each of the 2033E Notes and the 2033F Notes on the same terms and conditions to cover over-allotments, if any. Interest on the 2033E Notes will be paid semi-annually at a rate of 1.625% per year and will mature on February 15, 2033, unless earlier repurchased, redeemed or converted. Interest on the 2033F Notes will be paid semi-annually at a rate of 2.125% per year and will mature on February 15, 2033, unless earlier repurchased, redeemed or converted.

Holders may require Micron to repurchase the 2033E Notes for cash on February 15, 2018 and February 15, 2023 and the 2033F Notes for cash on February 15, 2020 and February 15, 2023, 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, holders may require Micron to repurchase their 2033 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.

Each series of 2033 Notes will be convertible, subject to the satisfaction of certain conditions, into cash equal to the lesser of the aggregate principal amount and the conversion value of the 2033 Notes being converted and cash, shares of Micron common stock or a combination thereof, at Micron's election, for the remainder, if any, of Micron's conversion obligation.  The initial conversion rate per $1,000 principal amount of 2033E Notes is equivalent to 91.4808 shares of common stock, which is equivalent to a conversion price of approximately $10.93 per share of common stock, subject to adjustment in certain circumstances.  This initial conversion price represents a premium of 37.5% relative to the last reported sale price on February 6, 2013 of Micron's common stock of $7.95. The initial conversion rate per $1,000 principal amount of 2033F Notes is equivalent to 91.4808 shares of common stock, which is equivalent to a conversion price of approximately $10.93 per share of common stock, subject to adjustment in certain circumstances.  This initial conversion price represents a premium of approximately 37.5% relative to the last reported sale price on February 6, 2013 of Micron's common stock.

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