Micron Plans $500 Mln Senior Notes Offering

(RTTNews) - Micron Technology, Inc., (MU) said Friday that it plans to offer $500 million aggregate principal amount of senior notes due 2022.

The interest rate, redemption provisions and other terms of the Notes will be determined by negotiations between Micron and the initial purchasers.

Micron said it plans to use the net proceeds from the offering to pay a portion of the costs of extinguishing its obligations with respect to its outstanding 1.875% convertible senior notes due 2014, which may include payments in settlement of conversions of, or to repurchase or redeem, the 2014 Notes.

Earlier Friday, Micron gave notice to holders of the 2014 Notes that their notes will be redeemed on March 3, 2014, except to the extent such notes are converted or repurchased by Micron prior to such date.