Micron Technology to price $750 million 10.5-year notes Wednesday

By Paul A. Harris

Portland, Ore., July 23 – Micron Technology, Inc. plans to price a $750 million offering of senior notes due Feb. 1, 2025 (expected ratings Ba3/BB) on Wednesday trailing a late-morning conference call with investors, according to a syndicate source.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the co-lead managers. DBS, HSBC, RBS Securities Inc. and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights notes come with five years of call protection.

The Boise, Idaho-based semiconductor manufacturer plans to use the proceeds to take out its 1 7/8% convertible senior notes due 2031 by means of paying conversion settlements or by repurchasing or redeeming the notes, as well as to retire other convertible notes and debt, and for other general corporate purposes.

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