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Micron Technology repurchases some of three series of convertibles
By Susanna Moon
Chicago, Jan. 27 - Micron Technology, Inc. said it repurchased some of its three series of convertible senior notes due 2031 in privately negotiated transactions.
The company repurchased $26 million principal amount of its 1.875% convertible senior notes due 2031 for $65 million in cash, about $100 million principal amount of its 2.375% convertible senior notes due 2032 for $249 million in cash and about $38 million principal amount of its 3.125% convertible senior notes due 2032 for $93 million in cash, according to a company press release.
After settlement on Jan. 28, there will remain outstanding about $114 million principal amount of 1.875% convertibles, about $451 million principal amount of 2.375% convertibles and about $412 million principal amount of 3.125% convertibles.
The company said it expects to record a charge in the second quarter of fiscal 2014 of about $10 million associated with the repurchases of the notes.
Micron is a Boise, Idaho-based maker of semiconductor devices.
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