Micron Technology Announces Pricing for Cash Tender Offers on Senior Notes – Key Details for Investors
BOISE, Idaho, March 31, 2026 – Micron Technology, Inc. (Nasdaq: MU) has announced the pricing for its previously disclosed cash tender offers aimed at repurchasing certain outstanding senior notes. This significant corporate action could impact Micron’s capital structure, interest expenses, and potentially its share price, depending on market interpretations of the company’s debt management strategy.
Key Points from the Tender Offer Announcement
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Scope of Tender Offers: Micron is offering to purchase for cash any and all of the following outstanding senior notes:
- 5.300% Senior Notes due 2031 – \$1.0 billion outstanding
- 5.650% Senior Notes due 2032 – \$500 million outstanding
- 5.875% Senior Notes due 2033 (two tranches) – \$750 million and \$900 million outstanding
- 5.800% Senior Notes due 2035 – \$1.0 billion outstanding
- 6.050% Senior Notes due 2035 – \$1.25 billion outstanding
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Pricing Details: The consideration for each series is determined based on a fixed spread over the yield of a specified U.S. Treasury security, as summarized below:
- 5.300% Notes due 2031: \$1,048.11 per \$1,000 principal, Reference Yield 3.944%
- 5.650% Notes due 2032: \$1,061.22 per \$1,000 principal, Reference Yield 3.939%
- 5.875% Notes due 2033 (595112BZ5): \$1,070.75 per \$1,000 principal, Reference Yield 4.319%
- 5.875% Notes due 2033 (595112CB7): \$1,069.91 per \$1,000 principal, Reference Yield 4.319%
- 5.800% Notes due 2035: \$1,064.35 per \$1,000 principal, Reference Yield 4.319%
- 6.050% Notes due 2035: \$1,079.93 per \$1,000 principal, Reference Yield 4.319%
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Expiration and Settlement: The tender offers expire at 5:00 p.m., New York City time, on March 31, 2026, unless extended or terminated. The settlement date for accepted notes is expected to be April 3, 2026.
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Accrued Interest: Investors whose notes are validly tendered and accepted will also receive accrued and unpaid interest up to, but not including, the settlement date.
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Withdrawal Rights: Notes can be withdrawn any time on or before the expiration time.
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Conditionality: The tender offers are subject to certain conditions but are not contingent on a minimum amount of notes being tendered.
Key Shareholder Considerations & Potential Share Price Impact
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Potential Balance Sheet Improvement: If the tender offers are fully subscribed, Micron could reduce a substantial portion of its long-term debt. This would lower interest expenses, improve leverage ratios, and could be viewed positively by rating agencies and equity investors.
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Use of Cash: Significant use of cash to retire debt could impact liquidity, though it underscores Micron’s confidence in its cash generation and balance sheet.
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No Recommendation: Neither Micron nor any related parties are making a recommendation to note holders on whether to tender, emphasizing that this is a voluntary action for debt holders.
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Forward-Looking Statements: The company highlights that the tender offers involve forward-looking statements subject to risks and uncertainties, including whether the offers will be completed as intended, the acceptance rate of the notes, and the impact on the company’s future financial results.
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Investor Communications: Direct contacts for investor and media relations are provided, along with the information agent D.F. King & Co., Inc. for further details.
Details of Each Note Series and Consideration
| Title of Security |
Principal Amount Outstanding |
Reference Treasury |
Fixed Spread (bps) |
Reference Yield |
Par Call Date |
Consideration per \$1,000 |
| 5.300% Notes due 2031 |
\$1,000,000,000 |
0.875% UST 11/15/2030 |
20 |
3.944% |
11/15/2030 |
\$1,048.11 |
| 5.650% Notes due 2032 |
\$500,000,000 |
3.500% UST 2/28/2031 |
60 |
3.939% |
9/1/2032 |
\$1,061.22 |
| 5.875% Notes due 2033 (595112BZ5) |
\$750,000,000 |
4.125% UST 2/15/2036 |
30 |
4.319% |
11/9/2032 |
\$1,070.75 |
| 5.875% Notes due 2033 (595112CB7) |
\$900,000,000 |
4.125% UST 2/15/2036 |
40 |
4.319% |
6/15/2033 |
\$1,069.91 |
| 5.800% Notes due 2035 |
\$1,000,000,000 |
4.125% UST 2/15/2036 |
55 |
4.319% |
10/15/2034 |
\$1,064.35 |
| 6.050% Notes due 2035 |
\$1,250,000,000 |
4.125% UST 2/15/2036 |
65 |
4.319% |
8/1/2035 |
\$1,079.93 |
Important Dates and Next Steps
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Expiration Date: March 31, 2026, 5:00 p.m. New York City time.
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Settlement Date: Expected April 3, 2026.
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Withdrawal Deadline: Notes may be withdrawn at any time up to the expiration time.
Additional Information
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How to Participate: Noteholders must follow procedures outlined in the offer to purchase and notice of guaranteed delivery. Copies and more information can be obtained from D.F. King & Co., Inc.
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Dealer Managers: BofA Securities, Morgan Stanley & Co. LLC, and Wells Fargo Securities are acting as lead dealer managers for the offers.
About Micron Technology
Micron Technology, Inc. is a global leader in innovative memory and storage solutions, powering advances in DRAM, NAND, and NOR technologies. The company’s products support critical applications across artificial intelligence, data centers, intelligent edge, and mobile devices.
Forward-Looking Statements and Risks
Investors should note that Micron’s tender offer announcement includes forward-looking statements, which are inherently subject to risks and uncertainties. Actual outcomes may differ due to factors such as the number of notes tendered, completion of the offers, market conditions, and other risks disclosed in the company’s SEC filings.
Investor Contacts
Disclaimer: This article is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell any securities. Investors should review the official offer to purchase and consult with their financial advisors before making any investment decisions. The information provided is based on company disclosures as of March 31, 2026, and may be subject to change. No responsibility is taken for actions based on this information.
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