Summary
Micron Technology, Inc. (MU) filed an 8-K on April 14, 2016, to report the entry into a material definitive agreement for the issuance and sale of $1.25 billion in aggregate principal amount of 7.500% Senior Secured Notes due 2023. This offering was conducted through a purchase agreement with several initial purchasers, including Morgan Stanley & Co. LLC and Citigroup Global Markets Inc., acting as representatives. The proceeds from this significant debt offering are earmarked for general corporate purposes, which may include funding capital expenditures and working capital, as well as covering associated fees and expenses. The notes were offered to qualified institutional buyers in the U.S. under Rule 144A and to non-U.S. persons outside the U.S. under Regulation S. The offering was expected to close on or around April 26, 2016.
Key Highlights
- 1Micron Technology announced the issuance and sale of $1.25 billion in 7.500% Senior Secured Notes due 2023.
- 2The offering was made to qualified institutional buyers in the U.S. and non-U.S. persons outside the U.S.
- 3The company intends to use the net proceeds for general corporate purposes, including capital expenditures and working capital.
- 4The debt offering is structured as a material definitive agreement, indicating a significant financial transaction.
- 5The agreement was entered into with a syndicate of initial purchasers led by major financial institutions.
- 6The offering is expected to close on or about April 26, 2016.
- 7This filing also includes press releases detailing the offering and its pricing.