Micron issuing $750M in debt to get rid of convertible obligations

|About: Micron Technology Inc. (MU)|By:, SA News Editor

Micron (MU -0.7%) is selling $750M worth of senior notes due 2025.

The memory giant will use some of the proceeds to "extinguish its obligations" for 1.875% convertible notes due 2031, a move that could include "payments in settlement of conversions of or to repurchase or redeem such notes." The remaining proceeds will be used to retire other convertible debt, and for "other general corporate purposes."

Micron had $4.3B in cash and short-term investments as of May 29, and $5.6B in debt.