Micron Announces Pricing of $1.2 Billion Offering of Common Stock
October 11 2017 - 8:38PM
Micron Technology, Inc., (NASDAQ:MU) today announced that it has
priced its $1.2 billion public offering of common stock. The
size of the offering was increased from the previously announced $1
billion offering size. The offering was made pursuant to Micron’s
registration statement and prospectus filed with the Securities and
Exchange Commission (the “SEC”).
Micron announced that it has agreed to sell approximately 29.3
million shares of its common stock at a public offering price of
$41.00 per share. Micron has also granted the underwriter an
option to purchase approximately up to an additional 4.4 million
shares of common stock on the same terms and conditions.
The offering is expected to close on October 16, 2017, subject
to customary closing conditions.
The total aggregate net proceeds to Micron from the offering of
common stock will be approximately $1.19 billion, exclusive of any
proceeds attributable to the underwriter’s possible exercise of its
option to purchase additional securities. Micron expects to
use approximately $476 million of the net proceeds from the
offering of common stock to redeem approximately $438 million in
aggregate principal amount of its 7.500% Senior Secured Notes due
2023 and pay accrued and unpaid interest thereon. Micron
anticipates that it will use the remaining net proceeds from the
offering 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.
J.P. Morgan Securities LLC is acting as the sole underwriter for
the offering.
Micron has filed an automatically effective registration
statement (including a prospectus supplement for the common stock
offering that forms a part of the registration statement) with the
SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus supplement
included in that registration statement and other documents Micron
has filed with the SEC for more complete information about Micron
and this offering. You may get these documents for free by
visiting the SEC website at www.sec.gov. Alternatively, the
prospectus supplement may be obtained from J.P. Morgan Securities
LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy the securities described herein, nor shall there
be any sale of these securities in any jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. The offering of these securities will be made only by
means of prospectus supplements and the related prospectus. The
securities being offered have not been approved or disapproved by
any regulatory authority, nor has any such authority passed upon
the accuracy or adequacy of the registration statement, the
prospectus contained therein or the prospectus supplements.
This press release contains forward-looking statements related
to the public offering and proceeds of Micron common stock.
Actual events or results may differ materially from those contained
in the forward-looking statements. Please refer to the
documents Micron files, from time to time, with the SEC,
specifically Micron’s registration statement on Form S-3 (File No.
333-220882) and its most recent Form 10-K and Form 10-Q.
These documents contain and identify important factors that could
cause the actual results for Micron on a consolidated basis to
differ materially from those contained in Micron’s forward-looking
statements. Although Micron believes that the expectations
reflected in the forward-looking statements are reasonable, Micron
cannot guarantee future results, levels of activity, performance or
achievements. Micron is under no duty to update any of the
forward-looking statements after the date of this press release to
conform to actual results.
Contacts
Media Relations Contact:Marc Musgrove+1 (208) 363-2405,
mmusgrove@micron.com
Investor Relations Contact:Shanye Hudson+1 (208) 492-1205,
shudson@micron.com
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