Micron sets pricing for $5.4 billion senior notes tender offer

Micron Technology Inc. (NASDAQ: MU) announced the pricing for its cash tender offers to purchase $5.4 billion in outstanding senior notes across six series of bonds.

The memory chip manufacturer set the notes consideration ranging from $1,048.11 to $1,079.93 per $1,000 principal amount for bonds maturing between 2031 and 2035. The tender offers expire at 5:00 p.m. New York time on March 31, 2026.

The largest component includes $1.25 billion of 6.050% senior notes due 2035, priced at $1,079.93 per $1,000 principal amount. Other significant offerings include $1 billion each of 5.300% notes due 2031 and 5.800% notes due 2035, priced at $1,048.11 and $1,064.35 respectively.

The pricing was determined using fixed spreads of 20 to 65 basis points over reference U.S. Treasury securities, with reference yields ranging from 3.939% to 4.319%. Settlement is expected to occur on April 3, 2026.

Holders who validly tender notes before the expiration time will receive the notes consideration plus accrued and unpaid interest. Tendered notes may be withdrawn at any time prior to the expiration deadline.

The tender offers are not conditioned on any minimum amount being tendered but are subject to certain other conditions. BofA Securities, Morgan Stanley, and Wells Fargo Securities serve as lead dealer managers for the transaction.

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