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Micron Technology to sell $1 billion senior notes in two parts Monday
By Paul A. Harris
Portland, Ore., April 27 – Micron Technology, Inc. plans to price $1 billion of senior notes (current ratings Ba3/BB) in two tranches on Monday trailing a mid-morning conference call with investors, according to a syndicate source.
The Rule 144A and Regulation S for life deal is comprised of a $500 million tranche of notes that will mature on Jan. 15, 2024, with three years of call protection, and a $500 million tranche of notes that will mature on Jan. 15, 2026, with five years of call protection.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC Bank and J.P. Morgan Securities LLC are the joint lead managers.
BNP Paribas Securities Corp., Deutsche Bank Securities Inc., ING, MUFG, Standard Chartered, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the co-managers.
The Boise, Idaho-based semiconductor manufacturer plans to use the proceeds to repay debt, including its convertible notes, and for general corporate purposes.
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