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Micron’s $1 billion seven-year secured notes expected in week ahead; whisper is 8% area
By Paul A. Harris
Portland, Ore., April 8 – Micron Technology, Inc. is expected to come to market with a $1 billion offering of seven-year senior secured notes during the week ahead, according to market sources.
Morgan Stanley & Co. LLC, the lead in the Boise, Idaho-based semiconductor manufacturer’s concurrent $500 million term loan, is also expected to lead the bond offering.
The notes will come with three years of call protection and will feature investment-grade style covenants, a trader said.
Proceeds will be used for general corporate purposes, including working capital and capital expenditures.
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