Micron Announces the Pricing of the Cash Tender Offers for Any and All of Certain Outstanding Senior Notes
Rhea-AI Summary
Micron (Nasdaq: MU) priced cash tender offers for six series of outstanding senior notes due 2031–2035, totaling $5.4 billion principal outstanding.
Notes Consideration ranges from $1,048.11 to $1,079.93 per $1,000, with settlement expected on April 3, 2026 and an Expiration Time of 5:00 p.m. ET on March 31, 2026.
Positive
- Notes Consideration above par for all series
- Total principal outstanding of $5.4 billion
- Settlement expected on April 3, 2026
Negative
- Potential cash outflow up to ~$5.4 billion if fully accepted
- Premiums paid range up to $79.93 per $1,000 principal
News Market Reaction – MU
In the Apr 1 session, MU gained 8.88%, reflecting a notable positive market reaction. Argus tracked a peak move of +7.6% during that session. Our momentum scanner triggered 167 alerts that day, indicating very high trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Debt tender launch | Neutral | -3.4% | Announced cash tender offers for six senior note series totaling $5.4B. |
| Mar 18 | Earnings results | Positive | -3.8% | Reported record fiscal Q2 2026 revenue, earnings, and higher dividend. |
| Mar 16 | AI product launch | Positive | +4.5% | Announced high-volume HBM4, PCIe Gen6 SSD, and SOCAMM2 production. |
| Mar 15 | Capacity acquisition | Positive | +5.3% | Completed acquisition of PSMC’s Tongluo P5 site, expanding cleanroom space. |
| Mar 03 | Memory innovation | Positive | -8.0% | Began shipping samples of 256GB SOCAMM2 LPDRAM for AI/HPC servers. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history shows that even strongly positive earnings and product news have sometimes been followed by selling, while certain technology and capacity announcements drew buying interest.
Over March 2026, Micron combined aggressive growth with balance sheet actions. A March 18 earnings report detailed record Q2 revenue and profitability, yet the stock fell. Multiple AI- and data center–focused product launches on March 3 and March 16 saw mixed but sometimes positive price responses. The March 15 Taiwan site acquisition was followed by a gain. A March 25 announcement of cash tender offers for 2031–2035 notes preceded further weakness. Today’s pricing of those same tenders fits into this ongoing debt-management theme.
Key Terms
cash tender offers financial
senior notes financial
reference yield financial
yield to maturity financial
par call date financial
notice of guaranteed delivery regulatory
settlement date financial
dealer managers financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BOISE, Idaho, March 31, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:MU), (the "Company" or "Micron") announced today the Reference Yield and Notes Consideration (as summarized in the table below) to be paid in connection with the previously announced cash tender offers. The offers to purchase with respect to each series of notes listed in the table below (collectively, the “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) | Reference Yield | Par Call Date | Notes Consideration Per Principal Amount of Notes Validly Tendered | ||||||||||||
| 595112CD3 / US595112CD31 | FIT 6 | 20 | November 15, 2030 | |||||||||||||||||
| 595112CG6 / US595112CG61 | FIT 1 | 60 | September 1, 2032 | |||||||||||||||||
| 595112BZ5 / US595112BZ51 | FIT 1 | 30 | November 9, 2032 | |||||||||||||||||
| 595112CB7 / US595112CB74 | FIT 1 | 40 | June 15, 2033 | |||||||||||||||||
| 595112CE1 / US595112CE14 | FIT 1 | 55 | October 15, 2034 | |||||||||||||||||
| 595112CH4 / US595112CH45 | 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”).
The Notes Consideration for each
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, 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, 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
