They just called the notes, as soon as they can. Would be funny if the stock cratered and they were forced to redeem for cash. -g- Sure they have that hedged, though. Guess they don't need cash or have an easy time with some other way of raising it, i.e. stock float.
i don't get the total outstanding principal amount yet. Could some have been converted already?
.
.
.
.
Micron Calls for Redemption of Convertible Subordinated Notes
BUSINESS WIRE - March 27, 2000 18:22
BOISE, Idaho, Mar 27, 2000 (BUSINESS WIRE) -- Micron Technology, Inc.,
(NYSE:MU) has called for the redemption on April 17, 2000, of the Company's 7%
Convertible Subordinated Notes due July 1, 2004 ("Notes"). The aggregate principal
amount outstanding of the Notes is approximately $333 million.
Prior to 5:00 p.m., Eastern Time, on April 14, 2000, holders may convert their Notes
into shares of Micron common stock at a price of approximately $67.44 per share, or
approximately 14.8272 shares of Micron common stock per $1,000 principal amount of
Notes. Cash will be paid in lieu of fractional shares. On March 27, 2000, the last
reported sale price of Micron common stock on the New York Stock Exchange was
$139.50 per share.
Alternatively, holders may have their Notes redeemed at a total redemption price of
$1070.61 per $1,000 principal amount of Notes, consisting of $1050.00 principal
amount plus accrued interest of $20.61. Any Notes not converted on or before 5:00
p.m., Eastern Time, on April 14, 2000, will be automatically redeemed on April 17,
2000, after which interest will cease to accrue. So long as the market price of the
Micron common stock is at least approximately $72.21 per share, a holder of the Notes
who converts will receive Micron common stock with a market value (plus cash in lieu of
any fractional shares) greater than the amount of cash the holder would otherwise be
entitled to receive upon redemption.
A Notice of Redemption and a Letter of Transmittal (which may be used to surrender
Notes for conversion or redemption) are being mailed to all registered holders of the
Notes. Copies of the Notice of Redemption and the form of the Letter of Transmittal
may be obtained from Norwest Bank Minnesota, National Association by calling Jeffery
Rose at (612) 667-0337.
Micron Technology, Inc. and its subsidiaries manufacture and market DRAMs, very fast
SRAMs, Flash, other semiconductor components, memory modules, graphics
accelerators, and personal computer systems. Micron's common stock is traded on the
New York Stock Exchange (NYSE) under the symbol MU. To learn more about
Micron Technology, Inc., visit its website at www.micron.com.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved. |
