Micron says three series of notes are convertible through Sept. 30

By Angela McDaniels

Tacoma, Wash., July 3 – Micron Technology, Inc.’s 2031B, 2033E and 2033F convertible senior notes are convertible by the holders through Sept. 30, according to a 10-Q filing with the Securities and Exchange Commission.

The notes are convertible during any quarter if the closing price of the company’s common stock for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the preceding quarter is more than 130% of the conversion price.

The notes met the conversion criteria for the quarter ended March 31.

The company’s stock closed at $33.73 (Nasdaq: MU) on Thursday.

As of May 29, the three series of convertibles, which have a combined principal amount of $714 million, contained contractual terms that require Micron to pay cash up to the principal amount of the notes upon conversion. Because these notes met the conversion criteria for the quarter ended March 31, the company reclassified the $626 million carrying value of these notes to current debt and reclassified the $88 million difference between the principal and carrying amount of these convertibles from additional capital to redeemable convertible notes.

Micron is a Boise, Idaho-based semiconductor manufacturer.

© 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.