Micron Technology, Inc. MU disclosed that it plans to offer $1 billion principal amount of senior secured notes due 2023. The offer would be made to the qualified institutional investors.
Micron Technology indicated it plans to use the net proceeds for general corporate purposes. That included funding capital expenditures, working capital and paying for related fees and expenses.
The company indicated the Senior Notes would be secured obligations and were expected to be guaranteed by one of its domestic subsidiaries. The tech firm revealed that the interest rate, redemption provisions and other terms and conditions of the Notes would be determined by negotiations between the company and the initial purchasers.
On Wednesday, shares of the company closed with a gain of 6.98 percent.
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