Micron’s $1.8 Billion Senior Notes Offering

Simpson Thacher represented the underwriters, led by Morgan Stanley & Co. LLC, BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC, in connection with the public offering by Micron Technology, Inc. (“Micron”) of $600 million aggregate principal amount of 4.64% Senior Notes due 2024, $500 million aggregate principal amount of 4.975% Senior Notes due 2026 and $700 million aggregate principal amount of 5.327% Senior Notes due 2029.

The net proceeds of the offering will be used to primarily pay the cost of extinguishing Micron’s obligations with respect to its $1,019 million aggregate outstanding principal amount of its 3% Convertible Senior Notes due 2043 and the remaining net proceeds will be used for general corporate purposes, which may include capital expenditures, working capital and the repayment, repurchase, redemption or other retirement of Micron’s other existing indebtedness.

Micron, through its subsidiaries, manufactures semiconductor devices, principally NAND Flash, DRAM, and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.

The Simpson Thacher team included Dan Webb (Picture), Karen Reyes, Jeremy Bethel and Jay Higdon (Capital Markets); Katharine Moir and Jacqueline Clinton (Tax); Alexis Coll-Very (Regulatory); and Jennie Getsin and Andrew Pagliughi (Blue Sky).

Involved fees earner: Jeremy Bethel – Simpson Thacher & Bartlett; Jacqueline Clinton – Simpson Thacher & Bartlett; Alexis Coll-Very – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Jay Higdon – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Andrew Pagliughi – Simpson Thacher & Bartlett; Karen Reyes – Simpson Thacher & Bartlett; Daniel Webb – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: BNP Paribas Securities; Credit Suisse Securities (USA) LLC; Morgan Stanley;

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Author: Ambrogio Visconti