Published on 4/21/2020 in the Prospect News Investment Grade Daily.
New Issue: Micron Technology prices $1.25 billion 2.497% three-year notes at 225 bps spread
By Cristal Cody
Tupelo, Miss., April 21 – Micron Technology, Inc. sold $1.25 billion of 2.497% three-year senior notes (Baa3/BBB-/BBB-) on Tuesday at par to yield a spread of Treasuries plus 225 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 300 bps area with guidance tightened to the 237.5 bps area, plus or minus 12.5 bps.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc. and MUFG were the bookrunners.
Proceeds will be used to repay debt under the company’s revolving credit facility.
Micron is a Boise, Idaho-based semiconductor company.
| Issuer: | Micron Technology, Inc.
|
| Amount: | $1.25 billion
|
| Maturity: | April 24, 2023
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc. and MUFG
|
| Co-managers: | ANZ Securities, Inc., BNP Paribas Securities Corp., ICBC Standard Bank plc, Mizuho Securities USA LLC, Academy Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Siebert Williams Shank & Co., LLC and Wells Fargo Securities, LLC
|
| Coupon: | 2.497%
|
| Price: | Par
|
| Yield: | 2.497%
|
| Spread: | Treasuries plus 225 bps
|
| Call feature: | Make-whole call at price equal to greater of par and Treasuries plus 35 bps
|
| Trade date: | April 21
|
| Settlement date: | April 24
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 237.5 bps area, plus or minus 12.5 bps; initial talk at Treasuries plus 300 bps area
|
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