Simpson Thacher represented the sole underwriter, J.P. Morgan Securities LLC, in connection with Micron Technology, Inc.'s public offering of 33,658,537 shares of its common stock, inclusive of the underwriter’s option to purchase additional securities. The aggregate gross proceeds for the offering were approximately $1.4 billion.
Micron intends to use approximately $476 million of the net proceeds from the offering to redeem approximately $438 million in aggregate principal amount of its 7.5% Senior Secured Notes due 2023 and pay accrued and unpaid interest thereon. It is anticipated that the remaining net proceeds will be used for the repurchase, redemption, retirement or other repayment of Micron’s outstanding debt securities, which may include any of its senior notes, senior secured notes or senior secured Term Loan B notes, and general corporate purposes.
Micron, through its subsidiaries, manufactures semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
The Simpson Thacher team included Dan Webb, Kelli Schultz, Karen Reyes, Andy Roy, Mark Underwood and Christopher Sun (Capital Markets); Jonathan Cantor and Chris Murray (Tax); and Jennie Getsin (FINRA).