Micron ‘very, very’ focused on deleveraging; equity sale reduces debt

By Devika Patel

Knoxville, Tenn., Dec. 6 – Micron Technology Inc. completed an equity offering which enabled the company to deleverage.

The offering was conducted in order to show that the company is “very, very seriously focused on deleveraging.”

“The decision [to do an equity offering] was driven by a strong desire to accelerate the deleveraging process,” chief financial officer Ernie Maddock said at the Nasdaq 37th Investor Conference in London on Wednesday.

“A piece of that deleveraging process was enabled at a much greater return by the equity offering.

“It was about accelerating the debt reduction program and really demonstrating to the investment community, to ratings agencies, to others that we’re very, very seriously focused on deleveraging, while at the same time making the investments we need to drive the cost structure of company,” Maddock said.

Micron is a Boise, Idaho-based semiconductor company.

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