Micron Announces Early Tender Results

Micron Technology (NASDAQ:MU) has announced early tender results for its previously announced tender offers to purchase the company’s senior notes.

As quoted in the press release:

As of the previously announced early tender date and time of 5:00 P.M., New York City time, on April 7, 2017 (the “Early Tender Date”), according to information provided by D.F. King & Co., Inc., the Tender Agent and Information Agent for the Tender Offers, the aggregate principal amount of each series of Notes set forth in the table below under “Principal Amount Tendered at Early Tender Date” has been validly tendered and not validly withdrawn in the Tender Offers and the aggregate principal amount of each series of Notes set forth in the table below under “Principal Amount Accepted for Purchase at Early Tender Date” has been accepted for purchase:

        Dollars per $1,000 principal amount of Notes    
Title of Notes CUSIP/ISIN
numbers
Aggregate
Principal
Amount
Outstanding
Accept
-ance
Priority
Level
Tender
Offer Con
-sideration
Early
Tender
Premium
Total
Con
-sideration
(1)
Principal
Amount
Tendered at
Early Tender
Date
Principal
Amount
Accepted for
Purchase at
Early Tender
Date
5.625% Senior Notes due 2026 144A: 595112BG7 / US595112BG70
Reg. S: U5933LAE1 / USU5933LAE12
$ 450,000,000 1 $ 1,023.75 $ 30.00 $ 1,053.75 $ 320,517,000 $ 320,517,000
5.500% Senior Notes due 2025 Unrestricted: 595112BC6 / US595112BC66 $ 1,150,000,000 2 $ 1,020.00 $ 30.00 $ 1,050.00 $ 856,529,000 $ 630,718,000
5.250% Senior Notes due 2024 144A: 595112BF9 / US595112BF97
Reg. S: U5933LAD3 / USU5933LAD39
$ 550,000,000 3 $ 1,017.50 $ 30.00 $ 1,047.50 $ 424,496,000 $ 0
5.250% Senior Notes due 2023 144A: 595112BD4 / US595112BD40
Reg. S: U5933LAC5 / USU5933LAC55
$ 1,000,000,000 4 $ 1,015.00 $ 30.00 $ 1,045.00 $ 758,251,000 $ 0
5.875% Senior Notes due 2022 Unrestricted: 595112BA0 /
US595112BA01
$ 600,000,000 5 $ 1,014.06 $ 30.00 $ 1,044.06 $ 108,915,000 $ 0

                                   
(1) Includes the Early Tender Premiums

Withdrawal rights for tendered notes expired at 5:00 p.m., New York City time, on April 7, 2017 (the “Withdrawal Deadline”).

Because the aggregate principal amount of the Notes tendered and not validly withdrawn would exceed the Aggregate Maximum Tender Amount, the Company will not accept for purchase any of the 2024 Notes, the 2023 Notes or the 2022 Notes that have been tendered.  Rather, the Company will only accept the 2026 Notes and 2025 Notes (using a proration rate of approximately 74%), in each case, that have been validly tendered and not validly withdrawn.  In the case of the 2025 Notes, the Company will accept for purchase the aggregate principal amount such Notes validly tendered by a holder multiplied by the proration rate and then rounded up or down to the nearest $1,000 increment, at the Company’s sole discretion.  The Company expects to make payment for Accepted Notes on April 11, 2017.

Click here to read the full press release.

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