Micron To Offer About $1 Bln Of Common Stock In Underwritten Public Offering

(RTTNews) - Micron Technology Inc. (MU) said that it plans to offer about $1 billion of shares of common stock in an underwritten registered public offering. Micron also expects to grant the underwriter a 30-day option to purchase up to about $150 million of additional shares of common stock at the public offering price.

Micron expects to use about $476 million of the net proceeds from the offering of common stock to redeem approximately $438 million in aggregate principal amount of its 7.500% Senior Secured Notes due 2023 and pay accrued and unpaid interest thereon.

Micron anticipates that it will use the remaining net proceeds from the offering for the repurchase, redemption, retirement or other repayment of its outstanding debt securities, which may include any of its senior notes, senior secured notes or senior secured Term Loan B notes, and general corporate purposes.