Micron will sell three-part fixed-rate notes, including green notes; price talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., Oct. 18 – Micron Technology, Inc. intends to sell fixed-rate senior notes in three tranches, including one tranche of green notes, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are callable at the greater of a make-whole call and a par call.

The offering is expected to include notes due April 15, 2032 talked in the Treasuries plus 140 basis points area, notes due Nov. 1, 2041 with price talk in the Treasuries plus 160 bps area and notes maturing Nov. 1, 2051 talked to yield in the 170 bps area over Treasuries, a market source told Prospect News.

Barclays, Mizuho Securities USA Inc., Wells Fargo Securities LLC, HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the active bookrunners for all three tranches. Additionally, for the green tranche, Credit Agricole CIB was also a joint active bookrunner as well as green structuring adviser.

Passive bookrunners were ANZ Securities Inc., BNP Paribas Securities Corp., BofA Securities Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC.

For the non-green bonds, Credit Agricole was a co-manager.

Proceeds from the non-green bonds will be used to redeem the company’s 2.497% senior notes due 2023 and its 4.64% senior notes due 2024. Proceeds from the green bonds will be used for eligible green projects.

Micron is a Boise, Idaho-based semiconductor company.

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