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

Micron (Nasdaq:MU) announced that its cash tender offers for six series of senior notes expired on March 31, 2026, and that each series was validly tendered in aggregate.

Rhea-AI Summary

Micron (Nasdaq:MU) announced that its cash tender offers for six series of senior notes expired on March 31, 2026, and that each series was validly tendered in aggregate.

The company expects to accept all validly tendered notes and to make payment on April 3, 2026. Aggregate principal amounts tendered total approximately $4.315 billion, with $140.085 million subject to guaranteed delivery procedures.

Positive

• $4.315B aggregate principal tendered across six note series
• Approximately 80% of total outstanding principal was tendered
• Company expects to accept and pay tendered notes on April 3, 2026

Negative

• Principal payment of approximately $4.315B will reduce cash balances
• $140.085M remains subject to guaranteed delivery procedures

Argus Apr 1 session

+8.88% close to close Open Argus

Details

News Market Reaction – MU

On Apr 1, the day this news came out, MU closed 8.88% above the previous close.

Data tracked by StockTitan Argus for the Apr 1 session.

Market Context

On Apr 1, the day this news came out, the stock closed 8.9% above the previous close. A strong posit...

Analysis

On Apr 1, the day this news came out, the stock closed 8.9% above the previous close. A strong positive reaction aligns with Micron’s broader pattern of investors rewarding clear execution on capital structure and growth initiatives. Recent history shows sizeable moves around product launches and acquisitions, while even record earnings sometimes saw selling pressure. Debt tender completion, combined with prior note offer disclosures and robust cash generation, could have reinforced balance-sheet confidence. However, past divergences after good news highlight that follow-through depended on broader sentiment and positioning rather than headlines alone.

Key Figures

2031 notes outstanding: $1,000,000,000 2031 notes tendered: $737,097,000 2031 guaranteed delivery: $47,229,000 +5 more

2031 notes outstanding

$1,000,000,000

5.300% Senior Notes due 2031 principal prior to tender offers

2031 notes tendered

$737,097,000

Aggregate principal tendered by expiration for 5.300% 2031 notes

2031 guaranteed delivery

$47,229,000

Subject to guaranteed delivery for 5.300% 2031 notes

2032 notes outstanding

$500,000,000

5.650% Senior Notes due 2032 principal prior to tender offers

2032 notes tendered

$427,022,000

Aggregate principal tendered by expiration for 5.650% 2032 notes

2033 series 1 outstanding

$750,000,000

5.875% Senior Notes due 2033 (CUSIP 595112BZ5) principal prior to tenders

2033 series 1 tendered

$574,035,000

Aggregate principal tendered for 5.875% 2033 notes (CUSIP 595112BZ5)

2035 6.050% tendered

$1,029,483,000

Aggregate principal tendered for 6.050% Senior Notes due 2035

Historical Context

5 past events · Latest: Mar 25

5 events

1. Mar 25

   Debt tender launch

   24h Move

   -3.4%

   Announced cash tender offers for six senior note series maturing 2031–2035.

2. Mar 18

   Earnings release

   24h Move

   -3.8%

   Reported record Q2 2026 results with strong revenue, EPS and dividend hike.

3. Mar 16

   Product launch

   24h Move

   +4.5%

   Announced high-volume AI memory and storage production including HBM4 and PCIe Gen6 SSD.

4. Mar 15

   Site acquisition

   24h Move

   +5.3%

   Completed acquisition of PSMC’s Tongluo P5 site adding major 300mm cleanroom space.

5. Mar 03

   Product milestone

   24h Move

   -8.0%

   Began shipping samples of world’s first 256GB LPDRAM SOCAMM2 for data centers.

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

Key Terms

cash tender offers, senior notes, CUSIP, ISIN, +3 more

7 terms

cash tender offers financial

"announced today that the previously announced cash tender offers (each, a “Tender Offer”"

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

"to purchase any and all of Micron’s senior notes listed in the table below"

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

"CUSIP/ISIN Numbers | | 595112CD3 / US595112CD31"

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

"CUSIP/ISIN Numbers | | 595112CD3 / US595112CD31"

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

guaranteed delivery procedures financial

"Aggregate Principal Amount Subject to Guaranteed Delivery Procedures"

Guaranteed delivery procedures are a settlement arrangement that lets a buyer or seller complete a trade even when the actual shares or cash cannot be delivered immediately, by promising to provide them within a short, specified window. For investors this works like reserving and paying for an item that will be shipped later: it reduces the risk of a failed trade and allows participation in offerings or market trades despite paperwork or transfer delays, but it also means you should watch the final settlement date and counterparty obligations.

dealer managers financial

"BofA Securities, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC acted as lead dealer managers."

Dealer managers are professionals or firms that coordinate and oversee the process of issuing new securities, such as bonds or stocks, on behalf of companies or governments. They help ensure the offering runs smoothly, find investors, and set the initial price or terms. For investors, dealer managers matter because they influence how efficiently new investments are introduced and how fairly they are priced.

redemption notice regulatory

"and does not constitute a redemption notice for any securities."

A redemption notice is a formal announcement from the issuer of a bond, preferred share or similar security that it will repay and retire that instrument on a specified future date. It matters to investors because it sets when they will get their principal (and any final payment) back, which affects income timing, reinvestment plans and the security’s market value—think of it like being told when a rented tool must be returned so you can plan what to do next.

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

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BOISE, Idaho, April 01, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:MU), (the "Company" or "Micron") announced today that the previously announced cash tender offers (each, a “Tender Offer” and, collectively, the “Tender Offers”) to purchase any and all of Micron’s senior notes listed in the table below (collectively, the “notes”) expired at 5:00 p.m., New York City time, on March 31, 2026 (the “Expiration Time”). As of the Expiration Time, the aggregate principal amount of each series of notes set forth in the table below has been validly tendered in the Tender Offers. Micron expects to accept for payment all notes validly tendered and not withdrawn and expects to make payment for such notes on April 3, 2026.

Title of Security		CUSIP/ISIN Numbers		Principal Amount Outstanding Prior to the Tender Offers			Aggregate Principal Amount Tendered as of the Expiration Time			Aggregate Principal Amount Subject to Guaranteed Delivery Procedures
5.300% Senior Notes due 2031		595112CD3 / US595112CD31		$1,000,000,000			$737,097,000			$47,229,000
5.650% Senior Notes due 2032		595112CG6 / US595112CG61		$500,000,000			$427,022,000			$8,307,000
5.875% Senior Notes due 2033		595112BZ5 / US595112BZ51		$750,000,000			$574,035,000			$6,577,000
5.875% Senior Notes due 2033		595112CB7 / US595112CB74		$900,000,000			$684,841,000			$45,516,000
5.800% Senior Notes due 2035		595112CE1 / US595112CE14		$1,000,000,000			$862,833,000			$17,724,000
6.050% Senior Notes due 2035		595112CH4 / US595112CH45		$1,250,000,000			$1,029,483,000			$14,732,000

BofA Securities, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC acted as lead dealer managers. Persons with questions regarding the Tender Offers should contact 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), or the information agent and tender agent, D.F. King & Co., Inc., by telephone at (212) 229-2634 (banks and brokers only), (800) 848-3409 (toll free), or by email at MU@dfking.com or at the following web address: www.dfking.com/MU.

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.

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, Micron’s expectations regarding purchasing notes subject to guaranteed delivery procedures, 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What senior notes did Micron (MU) include in the March 2026 tender offers?

Micron included six series of senior notes maturing 2031–2035 with varying coupons. According to the company, the offers covered notes due 2031, 2032, two series due 2033, and two series due 2035.

How much principal did Micron (MU) receive in tenders as of March 31, 2026?

Micron received about $4.315 billion in aggregate principal tenders as of the expiration. According to the company, that amount reflects valid tenders across all six note series listed in the table.

When will Micron (MU) pay for the accepted tendered notes?

Micron expects to make payment for accepted tendered notes on April 3, 2026. According to the company, payment is expected for all notes validly tendered and not withdrawn.

How much principal remains subject to guaranteed delivery for Micron's (MU) offers?

Aggregate principal subject to guaranteed delivery procedures totals about $140.085 million. According to the company, those amounts are separate from the aggregate principal validly tendered as of expiration.

What percentage of outstanding notes did Micron (MU) tender offers capture by March 31, 2026?

The tender offers captured roughly 80% of outstanding principal across the six series. According to the company, aggregate outstanding prior to the offers was $5.4 billion and aggregate tenders were about $4.315 billion.