MICRON TECHNOLOGY INC (MU): debt financing — Micron obtains $2.6B term loan facility across three tranches maturing 2025-2027

MICRON TECHNOLOGY INC

Borrowed $2.6B on Nov 3, 2022: $926.7M (Tranche A-1, matures Nov 2025), $746.7M (A-2, Nov 2026), $926.7M (A-3, Nov 2027).
Interest rate: SOFR + 1.00%-2.00% or base rate + 0.00%-1.00%, plus 0.10% SOFR adjustment.
Unsecured, no dividend restriction, leverage covenant max 3.25x (temporarily 3.75x after material acquisitions).
Incremental commitments up to $1.3B may be added under certain conditions.
Proceeds for general corporate purposes including capital expenditures.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

MICRON TECHNOLOGY INC incurred term loan of $2.6 billion in aggregate principal amount with Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, Mizuho Bank, Ltd., and Truist Securities, Inc. as Joint Bookrunners and Joint Lead Arrangers at adjusted term SOFR or at a base rate plus an applicable interest rate margin ran maturing November 3, 2025, November 3, 2026 and November 3, 2027.

Instrument: term loan
Principal: $2.6 billion in aggregate principal amount
Counterparty: Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, Mizuho Bank, Ltd., and Truist Securities, Inc. as Joint Bookrunners and Joint Lead Arrangers
Rate: adjusted term SOFR or at a base rate plus an applicable interest rate margin ran
Maturity: November 3, 2025, November 3, 2026 and November 3, 2027
Event: incurrence

Exact text from the filing

The Term Loan Agreement provides a committed term loan facility (the “Term Loan Facility”) consisting of three tranches of term loans. On the Closing Date, the company borrowed $2.6 billion in aggregate principal amount, consisting of approximately $926.7 million in aggregate principal amount of Term A-1 Loans, approximately $746.7 million in aggregate principal

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MICRON TECHNOLOGY INC entered into Term Loan Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, Mizuho Bank, Ltd., and Truist Securities, Inc. as Joint Bookrunners and Joint Lead Arrangers, and certain financial institutions as lenders valued at $2.6 billion (effective 2022-11-03).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, Mizuho Bank, Ltd., and Truist Securities, Inc. as Joint Bookrunners and Joint Lead Arrangers, and certain financial institutions as lenders
Value: $2.6 billion
Effective: 2022-11-03

Exact text from the filing

On November 3, 2022 (the “Closing Date”), Micron Technology, Inc. (the “Company”), entered into a Term Loan Credit Agreement, by and among the Company, Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities, LLC, Mizuho Bank, Ltd., and Truist Securities, Inc. as Joint Bookrunners and Joint Lead Arrangers, and certain financial institutions as lenders (the “Term Loan Agreement”).

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MICRON TECHNOLOGY INC filing history →

Source: SEC EDGAR

accession 0000723125-22-000053

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