Micron Technology said March 25 it launched cash tender offers for all of six outstanding senior note issues totaling $5.4 billion in principal.
The company is targeting $1.0 billion of 5.300% notes due 2031, $500 million of 5.650% notes due 2032, $750 million of 5.875% notes due 2033, $900 million of another 5.875% notes due 2033, $1.0 billion of 5.800% notes due 2035 and $1.25 billion of 6.050% notes due 2035.
The offers expire at 5 p.m. New York time on March 31, 2026, unless extended or ended earlier. Settlement is expected April 3, 2026.
Micron set different fixed spreads for each series: 20 basis points for the 2031 notes, 60 basis points for the 2032 notes, 30 basis points for one 2033 issue, 40 basis points for the other 2033 issue, 55 basis points for the 2035 notes maturing Oct. 15, 2034, and 65 basis points for the 2035 notes maturing Aug. 1, 2035.
The 2031 notes reference a 0.875% U.S. Treasury due Nov. 15, 2030; the 2032 notes reference a 3.500% Treasury due Feb. 28, 2031; and the four longer-dated issues reference a 4.125% Treasury due Feb. 15, 2036.
Micron said holders who tender by the deadline, or who use guaranteed delivery, will receive the purchase price plus accrued and unpaid interest through the settlement date. The company said the offers are not conditioned on any minimum amount being tendered. Following these announcements, the company's shares moved 7.76%, and are now trading at a price of $362.75. If you want to know more, read the company's complete 8-K report here.
