Micron Technology holders convert nearly all $617. 5 million 2.5% convertibles due 2010

By Jennifer Chiou

New York, Feb. 14 - Micron Technology, Inc. said substantially all holders of its $617.5 million of 2.5% convertible subordinated notes due Feb. 1, 2010 converted their securities in response to a previously announced redemption, according to an 8-K filing with the Securities and Exchange Commission.

Noteholders had until 5 p.m. ET on Feb. 3 to convert their securities into 84.832 Micron shares per $1,000 principal amount of notes for a conversion price is $11.79 per share.

Remaining notes were redeemed on Feb. 6 at $1,014.64 per $1,000 principal amount, including accrued interest of $0.35.

The company's stock closed down $0.54, or 3.72%, at $13.97 on Jan. 17, the date the call was announced. Micron shares closed up $0.44, or 2.72%, at $16.63 on Feb. 14.

Wells Fargo Bank, NA is the conversion and redemption agent (800 344-5128).

Micron also said it terminated its outstanding call spread options covering 53.7 million shares.

The company also said the interest rate swap agreement linked to the notes was terminated after its stock price closed in excess of $14.15.

Boise, Idaho-based Micron provides advanced semiconductor services.

© 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.