Crédit Agricole Corporate and Investment Bank
served as the sustainability structuring agent for the refinancing
of Micron’s existing revolving credit and term loan A
facilities
Micron Technology, Inc. (Nasdaq: MU), today announced the
successful closing of nearly $3.7 billion inaugural
sustainability-linked credit facilities. The facilities, which
create additional long-term value for Micron’s stakeholders,
reinforce the company’s commitment to sustainability and 2030
environmental goals.
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These facilities comprise a five-year $2.5 billion
sustainability-linked revolving credit facility, which matures in
May 2026, and a nearly $1.2 billion sustainability-linked term loan
A, which matures in October 2024. The credit facility agreements
refinance Micron’s existing revolving credit and term loan A
facilities with no impact to cash or debt balances while reducing
future interest expense. Both the revolving credit facility and
term loan A feature pricing adjustment mechanisms linking Micron’s
financial pricing to meeting the environmental targets the company
has set for greenhouse gas (GHG) emission intensity, waste
diversion from landfills and Responsible Business Alliance (RBA)
score metrics. Crédit Agricole Corporate and Investment Bank (CIB)
served as the sole sustainability structuring agent on both credit
facilities.
This transaction reflects Micron’s leadership in sustainable
financing and positions the company as a top-five corporate
sustainability-linked credit facility issuer in the U.S. while
reaffirming Crédit Agricole CIB’s role as a strategic investment
bank and partner to global companies for sustainability.
“The sustainability-linked credit facilities reflect the depth
of our commitment to advancing Micron’s environmental, social and
governance goals,” said David Zinsner, senior vice president and
chief financial officer at Micron. “In tying our environmental
metrics to our financial performance, we aim to achieve positive
sustainable impact while taking another step in integrating
sustainability into all aspects of our business.”
Micron recently underscored its commitments and actionable
sustainability efforts in its sixth annual sustainability report,
which includes time-bound goals to reduce GHG emission intensity by
75% over 2018 measurements, as well as achieve 75% water
conservation and 95% waste diversion globally in 2030. The company
also targets sourcing 100% renewable energy across its U.S.
manufacturing operations by the end of 2025.
With more than a decade in this space, Crédit Agricole CIB is a
pioneer in the environmental, social and governance (ESG) finance
market. Crédit Agricole CIB has put ESG matters at the top of its
agenda, and it is in the societal pillar of its medium-term
plan.
“Promoting growth while respecting the planet and its people is
a mindset that we are honored to share with Micron,” said
Marc-Andre Poirier, chief executive officer of Crédit Agricole CIB
Americas. “We worked closely with Micron to identify challenging
sustainability issues and set ambitious targets in line with their
strong companywide commitment. We are proud to support Micron with
their inaugural sustainability-linked financing.”
About Crédit Agricole Corporate and Investment Bank
Crédit Agricole CIB is the corporate and investment banking arm
of Credit Agricole Group, the 12th largest banking group worldwide
in terms of tier 1 capital (The Banker, July 2020). Nearly 8,400
employees across Europe, the Americas, Asia-Pacific, the Middle
East and Africa support the Bank's clients, meeting their financial
needs throughout the world. Crédit Agricole CIB offers its large
corporate and institutional clients a range of products and
services in capital markets activities, investment banking,
structured finance, commercial banking and international trade. The
Bank is a pioneer in the area of climate finance, and is currently
a market leader in this segment with a complete offer for all its
clients.
For many years Crédit Agricole CIB has been committed to
sustainable development. The Bank was the first French bank to sign
the Equator Principles in 2003. It has also been a pioneer in Green
Bond markets with the arrangement of public transactions from 2012
for a wide array of issuers (supranational banks, corporates, local
authorities, banks) and was one of the co-drafters of Green Bond
Principles and the Social Bond Guidance. Relying on the expertise
of a dedicated sustainable banking team and on the strong support
of all bankers, Crédit Agricole CIB is one of the most active banks
in the Green bonds market.
For more information, please visit www.ca-cib.com.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage
solutions transforming how the world uses information to enrich
life for all. With a relentless focus on our customers, technology
leadership, and manufacturing and operational excellence, Micron
delivers a rich portfolio of high-performance DRAM, NAND and NOR
memory and storage products through our Micron® and Crucial®
brands. Every day, the innovations that our people create fuel the
data economy, enabling advances in artificial intelligence and 5G
applications that unleash opportunities — from the data center to
the intelligent edge and across the client and mobile user
experience. To learn more about Micron Technology, Inc. (Nasdaq:
MU), visit micron.com.
© 2021 Micron Technology, Inc. All rights reserved. Information,
products, and/or specifications are subject to change without
notice. Micron, the Micron logo, and all other Micron trademarks
are the property of Micron Technology, Inc. All other trademarks
are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding
Micron’s sustainability goals. These forward-looking statements are
not a guarantee that Micron’s sustainability goals will be realized
and are subject to a number of risks and uncertainties that could
cause actual results to differ materially. Please refer to the
documents Micron files with the Securities and Exchange Commission,
specifically its most recent Form 10-K and Form 10-Q. These
documents contain and identify important factors that could cause
Micron’s actual results to differ materially from those contained
in these forward-looking statements. These certain factors can be
found at www.micron.com/certainfactors. 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
release to conform these statements to actual results.
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Micron Media Relations Contact Erica Pompen Micron
Technology, Inc. +1 (408) 834-1873 epompen@micron.com
Crédit Agricole CIB Media Relations Contact Jenna Lee
Crédit Agricole CIB +1 (212) 261-7328 jenna.lee@ca-cib.com
Micron Investor Relations Contact Farhan Ahmad Micron
Technology, Inc. +1 (408) 834-1927 farhanahmad@micron.com
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