Micron Technology gets $285 million term loan to help buy stake in Inotera Memories

By Angela McDaniels

Tacoma, Wash., Oct. 14 - Micron Technology, Inc. has obtained $285 million in term loan financing commitments at "favorable terms," according to a company news release.

The proceeds will help fund the purchase of a 35.6% ownership stake in Inotera Memories, Inc. The stake is being acquired from Qimonda AG for $400 million.

The transaction will be completed in two stages: Micron will purchase half of Qimonda's stake, or about 18% of Inotera, for $200 million in cash within the next week or so, and the remaining stake will be acquired after the receipt of Taiwan Federal Trade Commission approval.

Micron Technology is a Boise, Idaho-based semiconductor manufacturer. Inotera Memories is a DRAM memory manufacturer based in Taoyuan, Taiwan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.