WASHINGTON (dpa-AFX) - Micron Technology, Inc., (MU) announced that it has priced offering of $1.15 billion of 5.50% senior notes due 2025.The sale of the Notes is expected to close on July 28, 2014
The company said that the interest on the Notes will accrue at a rate of 5.50% per year, and will be payable in cash semi-annually in arrears, beginning on February 1, 2015. The Notes will mature on February 1, 2025, unless earlier repurchased or redeemed.
Micron intends to use portion of offering net proceeds to extinguish its obligations with respect to its 1.875% convertible senior notes due 2031. Micron expects to use remaining net proceeds for retirement of other convertible notes and debt and other general corporate purposes.
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