Micron to redeem $438 million 7½% notes, might pay down term loan B

By Angela McDaniels

Tacoma, Wash., Oct. 10 – Micron Technology, Inc. plans to redeem about $438 million of its 7½% senior secured notes due 2023, according to a company news release.

The company will use $476 million of the proceeds from a $1 billion offering of common stock to fund the redemption.

Micron anticipates that it will use the remaining proceeds for the repurchase, redemption, retirement or other repayment of its outstanding debt securities, which may include any of its senior notes, senior secured notes or senior secured term loan B notes, and general corporate purposes.

Micron is a Boise, Idaho-based semiconductor company.

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