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MICRON TECHNOLOGY INC 8-K Report, Material Agreement (Feb 9, 2023)

Reports
Material Agreements·Other Events·Exhibits & Filings
Filing Date
Filed February 9, 2023
Period End
February 9, 2023
Security
MU
In the record · 2016–202610-K1110-Q348-K171

MU filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 171 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Dec ’16Dec ’16
  2. Material agreement8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed February 9, 2023. Cited figures are marked; the original filing is the authoritative source.

Micron Technology, Inc. has announced the settlement of a public offering for a total of $1.25 billiona in senior notes.

This offering includes an additional $500 millionb of 6.750% senior notes due 2029 and $750 million of 5.875% senior notes due 2033. The proceeds from this offering are designated for general corporate purposes, which may encompass capital expenditures, indicating the company's ongoing investment in its operations and strategic initiatives. These new notes are structured to be fungible with previously issued notes of the same series, ensuring a unified debt structure.

The company has outlined terms for potential early redemption, including specific 'Par Call Dates' and associated redemption prices, as well as provisions for repurchase at 101%c of the principal amount in the event of a change of control. These terms provide clarity on the debt's flexibility and investor protection mechanisms.

02—Key points

Key Highlights

  1. Micron raised $1.25 billion through a public offering of senior notes.
  2. The offering consists of $500 million in 6.750% senior notes due 2029 and $750 million in 5.875% senior notes due 2033.
  3. Proceeds are earmarked for general corporate purposes, potentially including capital expenditures.
  4. The newly issued 2029 notes are fungible with previously issued 2029 notes, creating a single series.
  5. The company can redeem notes early at a price based on present value calculations plus accrued interest or at par on or after specified 'Par Call Dates'.
  6. A change of control event would trigger an offer to repurchase the notes at 101% of the principal amount plus accrued interest.
  7. The debt issuance is governed by indentures that include customary covenants, events of default, and acceleration provisions.

03—Questions

Frequently Asked Questions

  1. What is the total amount Micron raised in this offering?

    Micron raised a total of $1.25 billion through the issuance of senior notes.

  2. What are the terms and maturity dates of the new notes?

    The offering includes $500 million of 6.750% senior notes due November 1, 2029, and $750 million of 5.875% senior notes due February 9, 2033.

  3. How will Micron use the proceeds from this offering?

    The net proceeds are intended for general corporate purposes, which may include capital expenditures, suggesting investments in the company's infrastructure or future growth.

  4. What happens if Micron undergoes a change of control?

    In the event of specified change of control triggering events, Micron is obligated to offer to repurchase the notes at a price of 101% of the principal amount, plus any accrued and unpaid interest.

04—Continue

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