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Micron launches $748.13 million term B repricing at Libor plus 375 bps
By Sara Rosenberg
New York, Oct. 5 – Micron Technology Inc. launched on Wednesday its $748,125,000 covenant-light term loan B due April 26, 2022 with talk of Libor plus 375 basis points with no Libor floor and a par issue price, according to a market source.
The term loan B has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Proceeds will be used to reprice the existing term loan B from Libor plus 600 bps with no Libor floor.
Consents/commitments are due at noon ET on Friday, the source added.
Micron is a Boise, Idaho-based semiconductor company.
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