Micron Announces Proposed $500 Million Offering of Senior Notes
BOISE, Idaho, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Micron Technology, Inc.,
(Nasdaq:MU) today announced that it intends to offer, subject to market and
other considerations, $500 million aggregate principal amount of senior notes
due 2022 (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 the net proceeds from this offering to pay a portion of
the costs of extinguishing its obligations with respect to its outstanding
1.875% convertible senior notes due 2014 (the "2014 Notes"), which may include
payments in settlement of conversions of, or to repurchase or redeem, the 2014
Notes. Earlier today, Micron gave notice to holders of the 2014 Notes that their
notes will be redeemed on March 3, 2014, except to the extent such notes are
converted or repurchased by Micron prior to such date.
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
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Source: Micron Technology, Inc. via GlobeNewswire