Micron Prices $600 Million Offering of 5.875% Senior Notes
BOISE, Idaho, Feb. 5, 2014 (GLOBE NEWSWIRE) -- Micron Technology, Inc.,
(Nasdaq:MU) today announced the pricing of an offering of $600 million aggregate
principal amount of its 5.875% senior notes due 2022 (the "Notes"). The Notes
are being offered 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 sale of the Notes is expected to close on February 10, 2014, subject to
the satisfaction of customary closing conditions. Interest on the Notes will
accrue at a rate of 5.875% per year, and will be payable in cash semi-annually
in arrears, beginning on August 15, 2014.
The Notes will mature on February 15, 2022, unless earlier repurchased or
redeemed. Holders may require Micron to repurchase their Notes upon the
occurrence of certain change of control events at a repurchase price equal to
101% of the principal amount thereof plus accrued and unpaid interest, if any.
Prior to February 15, 2017, Micron may redeem the Notes, in whole or in part, at
a price equal to 100% of the principal amount thereof plus a "make-whole"
premium and accrued and unpaid interest, if any, and Micron may use the net cash
proceeds of one or more equity offerings to redeem up to 35% of the aggregate
principal amount of the Notes at a price equal to 105.875% of the principal
amount thereof plus accrued and unpaid interest, if any. On or after February
15, 2017, Micron may redeem the Notes, in whole or in part, at specified prices
that decline over time, plus accrued and unpaid interest, if any.
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. On January 31, 2014, 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 is neither an offer to sell nor a solicitation to buy any of
the foregoing securities, nor shall there be any sale of the securities, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
The Notes will not be registered under the Securities Act, or any state
securities laws, and may not be offered or sold in the United States except
pursuant to an exemption from the registration requirements of the Securities
Act and applicable state securities laws.
CONTACT: Kipp A. Bedard
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Source: Micron Technology, Inc. via GlobeNewswire