Summary by Futu AI
Micron Technology, Inc. has successfully priced its offering of $1 billion in aggregate principal amount of 5.30% Senior Notes due 2031, as detailed in a pricing term sheet dated January 10, 2024. The notes were priced with a public offering price of 99.930% of the principal amount and an underwriting discount of 0.35% per note. The closing date for the transaction is set for January 12, 2024. Micron Technology intends to use the net proceeds, estimated at approximately $993 million after underwriting discounts and expenses, to repay borrowings under its 2024 Term Loan A and for general corporate purposes, which may include repaying other debts. The notes, which will mature on January 15, 2031, have been rated Baa3 by Moody's, BBB by Fitch, and BBB- by S&P, all with a stable outlook. Interest on the notes will accrue from January 12, 2024, and will be payable semi-annually starting July 15, 2024. The offering was managed by a syndicate of banks, with Morgan Stanley & Co. LLC and several others serving as joint book-running managers.