BOISE, Idaho, Jan. 27, 2014 (GLOBE NEWSWIRE) -- Micron Technology, Inc.,
(Nasdaq:MU) today announced that the company, in privately-negotiated
transactions, had repurchased approximately $26 million in aggregate principal
amount of its 1.875% Convertible Senior Notes due 2031 (the "2031B Notes") for
$65 million in cash, approximately $100 million in aggregate principal amount of
its 2.375% Convertible Senior Notes due 2032 (the "2032C Notes") for $249
million in cash and approximately $38 million in aggregate principal amount of
its 3.125% Convertible Senior Notes due 2032 (the "2032D Notes") for $93 million
in cash. The company anticipates that the closings of these repurchases will be
completed by January 28, 2014.
Following the closings of these repurchases, the company estimates that
approximately $114 million in aggregate principal amount of 2031B Notes,
approximately $451 million in aggregate principal amount of 2032C Notes, and
approximately $412 million in aggregate principal amount of 2032D Notes will
remain outstanding. The company expects to record a charge in the second quarter
of fiscal 2014 of approximately $10 million associated with the repurchases of
"The transactions we announced today reduced the dilutive effect of our existing
convertible notes," said Ron Foster, Micron vice president and CFO. "We
eliminated approximately 10 million shares from our current dilutive share
count, assuming a $23 stock price, and reduced the outstanding principal amount
of our debt by approximately $164 million. Since last November, we have reduced
the dilutive effects of our convertible notes by approximately 52 million shares
based on a $23 stock price."
Micron Technology, Inc., is a global leader in advanced semiconductor systems.
Micron's broad portfolio of high-performance memory technologies-including DRAM,
NAND and NOR Flash-is the basis for solid state drives, modules, multichip
packages and other system solutions. Backed by more than 35 years of technology
leadership, Micron's memory solutions enable the world's most innovative
computing, consumer, enterprise storage, networking, mobile, embedded and
automotive applications. Micron's common stock is traded on the NASDAQ under the
MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All
other trademarks are the property of their respective owners.
This press release contains forward-looking statements regarding the amount of
the second quarter charge to be recorded. Actual events or results may differ
materially from those contained in the forward-looking statements. Please refer
to the documents Micron files on a consolidated basis from time to time with the
Securities and Exchange Commission, specifically Micron's most recent Form 10-K
and Form 10-Q. 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 our forward-looking statements (see Certain Factors).
Although the company believes that the expectations reflected in the forward-
looking statements are reasonable, it cannot guarantee future results, levels of
activity, performance or achievements.
CONTACT: Kipp A. Bedard
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Source: Micron Technology, Inc. via GlobeNewswire