Micron Starts $1 Bln Offering of Common Stock

Micron Technology (MU), a provider of semiconductor systems, said after market closed on Tuesday that it will offer $1 billion of shares in an underwritten registered public offering.

Micron also expects to grant the underwriter a 30-day option to buy up to $150 million of additional shares at the public offering price.

Micron said it expects to use $476 million of the net proceeds to redeem $438 million of its 7.5% senior secured notes due 2023 and pay accrued and unpaid interest thereon.

Micron said it anticipates that it will use the remaining net proceeds for the repurchase, redemption, retirement or other repayment of its outstanding debt securities.

Shares of Micron fell as much as 2.2% in extended trading on Tuesday. The shares have more than doubled over the past 12 months.

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