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Micron Technology to repay revolver borrowings with note proceeds
By Rebecca Melvin
New York, April 21 – Micron Technology Inc. is going to repay a portion of the outstanding borrowings under its revolving credit facility with proceeds of new notes, according to a company release.
The company said it increased borrowings under the revolver as a precautionary measure in March to increase its cash position and preserve financial flexibility in response to uncertainty in the global markets resulting from the Covid-19 outbreak.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the joint bookrunning managers of the new note offering.
Micron is a Boise, Idaho-based semiconductor company.
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