Micron Launches Cash Tender Offers to Buy Back $5.4 Billion of Senior Notes

Overview

• Micron, which announced the buyback Wednesday, set a March 31, 5 p.m. New York deadline with settlement expected April 3.
• The cash offers target six senior note series totaling about $5.4 billion across maturities from 2031 through 2035, including $1.0 billion of 5.300% 2031 notes and $1.25 billion of 6.050% 2035 notes.
• Holders who tender by the deadline will receive a stated cash price plus accrued interest up to, but not including, the settlement date.
• Participants may withdraw tenders before the deadline, the offers carry customary conditions with no minimum amount required, and Micron may amend or terminate them subject to law.
• The offers run under an offer to purchase dated March 25 with D. F. King as information agent and BofA Securities, Morgan Stanley, and Wells Fargo as dealer managers, a standard setup for this type of debt management.