Micron Announces Cash Tender Offers for Any and All of Certain Outstanding Senior Notes

Rhea-AI Summary

Micron (Nasdaq: MU) commenced cash tender offers to purchase any and all of six series of its senior notes, totaling $5.4 billion in principal outstanding across maturities 2031–2035.

The offers expire at 5:00 p.m. ET on March 31, 2026 with settlement expected on April 3, 2026; accrued interest will be paid to, but not including, settlement.

Positive

• $5.4B total principal targeted across six note series
• Tender offers allow early cash extinguishment of long‑dated debt
• Settlement expected April 3, 2026, providing swift execution timeline

Negative

• Cash outflow for purchases may reduce liquidity near-term
• Purchases may not be conditioned on any minimum tender amount

News Market Reaction – MU

-3.40%

28 alerts

-3.40% Session close to close

-5.5% Trough in 29 hr 6 min

$420.09B Market Cap

0.9x Rel. Volume

In the Mar 25 session, MU declined 3.40%, reflecting a moderate negative market reaction. Argus tracked a trough of -5.5% from its starting point during tracking. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details cash tender offers for multiple series of Micron’s outstanding senior note...

Analysis

This announcement details cash tender offers for multiple series of Micron’s outstanding senior notes, with an expiration at 5:00 p.m. March 31, 2026 and expected settlement on April 3, 2026. It follows a period of record earnings, major product launches, and an acquisition that expanded capacity. Investors may watch how this affects Micron’s debt mix alongside previously disclosed cash balances, capital spending, and recent insider selling activity.

Key Figures

5.300% Notes 2031: $1,000,000,000 principal 5.650% Notes 2032: $500,000,000 principal 5.875% Notes 2033 (BZ5): $750,000,000 principal +5 more

8 metrics

5.300% Notes 2031 $1,000,000,000 principal 5.300% Senior Notes due 2031 included in tender offer

5.650% Notes 2032 $500,000,000 principal 5.650% Senior Notes due 2032 included in tender offer

5.875% Notes 2033 (BZ5) $750,000,000 principal 5.875% Senior Notes due 2033 (CUSIP 595112BZ5)

5.875% Notes 2033 (CB7) $900,000,000 principal 5.875% Senior Notes due 2033 (CUSIP 595112CB7)

5.800% Notes 2035 $1,000,000,000 principal 5.800% Senior Notes due 2035 included in tender offer

6.050% Notes 2035 $1,250,000,000 principal 6.050% Senior Notes due 2035 included in tender offer

Tender expiration 5:00 p.m. March 31, 2026 Expiration Time for tender offers, New York City time

Settlement date April 3, 2026 Expected settlement date for validly tendered notes

Historical Context

5 past events · Latest: Mar 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 18	Q2 2026 earnings	Positive	-3.8%	Record Q2 revenue, earnings, cash flow, and dividend increase.
Mar 16	Product launch news	Positive	+4.5%	High-volume AI-optimized memory and storage product launches.
Mar 15	Acquisition completion	Positive	+5.3%	Completion of PSMC Tongluo P5 site acquisition expanding cleanroom space.
Mar 03	Product milestone	Positive	-8.0%	First 256GB SOCAMM2 LPDRAM samples targeting AI and HPC servers.
Feb 24	Earnings date notice	Neutral	+2.6%	Announcement of scheduled fiscal Q2 2026 earnings call date and time.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent MU news often saw sharp moves that sometimes ran counter to seemingly strong fundamentals, with both positive product and earnings updates followed by negative price reactions.

Recent Company History

Over the past month, Micron reported record fiscal Q2 2026 results on Mar 18 with strong revenue, earnings, and cash flow, yet the stock fell 3.78%. Product and capacity expansion news on Mar 16 and Mar 15 triggered gains of 4.5% and 5.33%, while another product milestone on Mar 3 coincided with a 7.99% drop. The current debt tender offer arrives after this mix of strong fundamentals and volatile reactions.

Key Terms

cash tender offers, senior notes, cusip, isin, +4 more

8 terms

cash tender offers financial

"Micron ... announced today that it has commenced offers to purchase for cash any and all of the notes..."

A cash tender offer is when a company or investor offers to buy shares directly from shareholders for cash, usually at a price higher than the current market value. It’s a way to quickly acquire a large number of shares, often to gain control of a company or influence its decisions.

senior notes financial

"Title of Security | ... | 5.300% Senior Notes due 2031 | ..."

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

cusip financial

"Title of Security | CUSIP/ISIN Numbers | Principal Amount Outstanding..."

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

isin financial

"Title of Security | CUSIP/ISIN Numbers | Principal Amount Outstanding..."

A 12-character International Securities Identification Number (ISIN) is a unique code that acts like a passport for a specific stock, bond or other tradable security so it can be identified worldwide. Investors and systems use it to ensure they are buying, selling and tracking the exact same instrument across exchanges and data feeds, which prevents costly mix-ups and makes portfolio reporting, settlement and regulatory checks simpler and more reliable.

View in glossary

reference u.s. treasury security financial

"Title of Security | CUSIP/ISIN Numbers | ... | Reference U.S. Treasury Security | ..."

A reference U.S. Treasury security is a specific government bond or bill used as the standard benchmark for pricing and comparing other investments. Investors treat it like a yardstick for the “risk-free” interest rate, so its yield influences borrowing costs, bond prices and the extra return demanded for riskier assets; think of it as the baseline price everyone uses to judge other financial deals.

basis points financial

"Fixed Spread (basis points) | Par Call Date"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

par call date financial

"Fixed Spread (basis points) | Par Call Date"

The par call date is the specific time when a company can choose to pay back a bond or debt in full at its original value, known as the face amount or par value. It matters to investors because it indicates when the issuer might repay the debt early, potentially affecting investment plans or expected income. Think of it like a fixed date when a loan can be fully settled, giving investors clarity on when they might get their money back.

notice of guaranteed delivery regulatory

"The Tender Offers are being made pursuant to an offer to purchase dated ... and notice of guaranteed delivery."

A notice of guaranteed delivery is a short, written promise used when investors want to sell shares in a tender offer but cannot deliver the physical or electronic share certificates by the offer deadline. It acts like a post-dated IOU: the seller guarantees they will provide the required documents within a short, specified window while still qualifying for the offer’s price and terms. For investors this preserves their right to participate in a deal while giving extra time to complete paperwork, but it also creates a reliance on timely follow-through to receive payment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOISE, Idaho, March 25, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:MU), (the "Company" or "Micron") announced today that it has commenced offers to purchase for cash any and all of the notes listed in the table below (the “notes”). The offers to purchase with respect to each series of notes are being referred to herein as the “Tender Offers” and each, a “Tender Offer.”

Title of Security	CUSIP/ISIN Numbers	Principal Amount Outstanding		Reference U.S. Treasury Security	Bloomberg Reference Page	Fixed Spread (basis points)	Par Call Date
5.300% Senior Notes due 2031	595112CD3 / US595112CD31	$1,000,000,000		0.875% UST due November 15, 2030	FIT 6	20	November 15, 2030
5.650% Senior Notes due 2032	595112CG6 / US595112CG61	$500,000,000		3.500% UST due February 28, 2031	FIT 1	60	September 1, 2032
5.875% Senior Notes due 2033	595112BZ5 / US595112BZ51	$750,000,000		4.125% UST due February 15, 2036	FIT 1	30	November 9, 2032
5.875% Senior Notes due 2033	595112CB7 / US595112CB74	$900,000,000		4.125% UST due February 15, 2036	FIT 1	40	June 15, 2033
5.800% Senior Notes due 2035	595112CE1 / US595112CE14	$1,000,000,000		4.125% UST due February 15, 2036	FIT 1	55	October 15, 2034
6.050% Senior Notes due 2035	595112CH4 / US595112CH45	$1,250,000,000		4.125% UST due February 15, 2036	FIT 1	65	August 1, 2035

The Tender Offers are being made pursuant to an offer to purchase dated as of March 25, 2026, and notice of guaranteed delivery. The Tender Offers will expire at 5:00 p.m., New York City time, on March 31, 2026, unless extended or earlier terminated as described in the offer to purchase (such time and date, as they may be extended, the “Expiration Time”).

Holders of the notes who validly tender (and do not validly withdraw) their notes prior to the Expiration Time, or who deliver to the tender agent and information agent a properly completed and duly executed notice of guaranteed delivery in accordance with the instructions described in the offer to purchase, will be eligible to receive the Notes Consideration (as defined in the offer to purchase), plus any accrued and unpaid interest up to, but not including, the settlement date, which is expected to occur on April 3, 2026. Tendered notes may be withdrawn at any time at or prior to the Expiration Time. Micron reserves the right to terminate, withdraw or amend the Tender Offers at any time, subject to applicable law. The Tender Offers are subject to the satisfaction or waiver of certain conditions but are not conditioned on any minimum amount of any series of the notes being tendered.

The Tender Offers are being made pursuant to the terms and conditions contained in the offer to purchase and notice of guaranteed delivery, copies of which may be obtained from D.F. King & Co., Inc., the information agent for the Tender Offers, by telephone at (212) 229-2634 (banks and brokers only), (800) 848-3409 (toll free), by email at MU@dfking.com or at the following web address: www.dfking.com/MU

Persons with questions regarding the Tender Offers should contact the lead dealer managers: BofA Securities at (888) 292-0070, Morgan Stanley & Co. LLC at (800) 624-1808 (toll free), and Wells Fargo Securities, LLC at (866) 309-6316 (toll free).

None of Micron or its board of directors, the dealer managers, the tender offer agent, the information agent or the trustee for the notes, or any of their respective affiliates, is making any recommendation as to whether holders should tender or refrain from tendering any notes in response to Tender Offers. Holders must make their own decision as to whether to tender any of their notes and, if so, the principal amount of notes to tender.

This press release is not an offer to purchase or a solicitation of an offer to sell any securities and does not constitute a redemption notice for any securities. The Tender Offers are being made solely by means of the offer to purchase.

About Micron

Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, manufacturing, and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and compute-intensive applications that unleash opportunities - from the data center to the intelligent edge and across the client and mobile user experience.

Micron®, any associated logos, and all other Micron trademarks are the property of Micron. Other product names or trademarks that are not owned by Micron are for identification purposes only and may be the trademarks of their respective owners.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including the risks related to the acceptance of any tendered notes, the Expiration Time and settlement of the Tender Offers, the satisfaction of conditions to the Tender Offers, whether the Tender Offers will be consummated in accordance with the terms set forth in the offer to purchase or at all and the timing of any of the foregoing as well as other risks and uncertainties identified in our most recent Form 10-K and Form 10-Qs filed with the Securities and Exchange Commission. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “can,” “will,” “should,” “seeks,” “intends,” “plans,” “projects,” “pro forma,” “estimates,” “forecasts,” “targets,” “anticipates,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. Micron disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

Contacts:
Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199

Mark Plungy
Media Relations
mplungy@micron.com
(408) 203-2910

FAQ

What notes is Micron (MU) offering to buy back in March 2026?

Micron is offering to purchase six series of senior notes totaling $5.4 billion in principal. According to the company, the affected series include notes maturing in 2031, 2032, 2033, 2035 with specified CUSIPs and principal amounts listed in the offer.

When do Micron's (MU) tender offers expire and when is settlement expected?

The tender offers expire at 5:00 p.m. New York City time on March 31, 2026. According to the company, settlement of accepted tenders is expected to occur on April 3, 2026, subject to terms and conditions.

How will Micron (MU) pay holders who validly tender notes in March 2026?

Holders who validly tender will receive the offered cash consideration plus accrued and unpaid interest. According to the company, interest will be paid up to, but not including, the expected settlement date of April 3, 2026.

Can holders withdraw tendered Micron (MU) notes before the March 31, 2026 deadline?

Yes. Holders may withdraw validly tendered notes at or prior to the Expiration Time. According to the company, withdrawals are permitted through the 5:00 p.m. ET March 31, 2026 expiration unless extended.

Are Micron's (MU) tender offers conditioned on a minimum amount being tendered?

No. The tender offers are not conditioned on any minimum amount of any series being tendered. According to the company, offers remain subject to other conditions and may be amended, extended, or terminated as described in the offer documents.