Micron Technology set the pricing on its cash tender offers for six series of senior notes, with the company offering premiums above par across every issue.
The largest block targeted is the $1.25 billion of 6.050% senior notes due 2035, for which holders are being offered $1,079.93 per $1,000 principal amount. Micron is also seeking to buy back $1.0 billion of 5.300% senior notes due 2031 at $1,048.11 per $1,000, another $1.0 billion of 5.800% senior notes due 2035 at $1,064.35, $900 million of 5.875% senior notes due 2033 at $1,069.91, $750 million of 5.875% senior notes due 2033 at $1,070.75, and $500 million of 5.650% senior notes due 2032 at $1,061.22.
Across the six offerings, Micron is targeting $5.4 billion of outstanding principal. The highest premium in the group is on the 6.050% notes due 2035, at $79.93 per $1,000 above par, followed by the 5.875% notes due 2033 issued in August 2032, which carry a $70.75 premium. The smallest premium is on the 5.300% notes due 2031, at $48.11 per $1,000.
The reference yields used to set the purchase prices ranged from 3.939% on the 5.650% notes due 2032 and 3.944% on the 5.300% notes due 2031, up to 4.319% on the three 2033* and 2035-maturity issues tied to the 4.125% U.S. Treasury reference security. The fixed spreads ranged from 20 basis points on the 2031 notes to 65 basis points on the 6.050% notes due 2035.
The offers are scheduled to expire at 5:00 p.m. New York time on March 31, 2026, with settlement expected on April 3, 2026. Following these announcements, the company's shares moved -6.97%, and are now trading at a price of $355.46. Check out the company's full 8-K submission here.
