MU 3.477% 01Nov2051 Corp (USD)

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Micron Technology Inc

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Bond Information

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), static random access memory chips (SRAMs), flash memory, semiconductor components, and memory modules.

Bond Issuer

Micron Technology Inc

Guarantor

Announcement Date

18 Oct 2021

Issue Date

01 Nov 2021

Maturity Date

01 Nov 2051

Years to Maturity / Next Call

25.071 / 24.567

Modified Duration

13.834 @ 09 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

3.477

Coupon Type

Fixed

Annual Coupon Rate

3.477

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

US595112BU64

CUSIP

595112BU6

Bond Currency

USD

Total Issue Size

500,000,000

Outstanding Issue Size

490,000,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Information Technology

Bond Sub Sector

Semiconductors and Semiconductor Equipment

Issuer Credit Rating (S&P/ Fitch)

***/ BBB+

Bond Credit Rating (S&P/ Fitch)

***/ BBB+

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Issuer Call

Optional Redemption

Micron may redeem any 2051 notes on or after the Par Call Date for the 2051 notes at a redemption price equal to 100% of the principal amount of the 2051 notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

The “Par Call Date” for the 2051 notes means May 1, 2051 (six months prior to the maturity date).

Make Whole Call

Micron may redeem the 2051 notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2051 notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the 2051 notes matured on the Par Call Date for the 2051 notes (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, on the amount being redeemed to, but excluding, the date of redemption.

The “Par Call Date” for the 2051 notes means May 1, 2051 (six months prior to the maturity date).

Change Control Put

Repurchase of Notes upon a Change of Control Triggering Event

Not later than 60 days following a Change of Control Triggering Event, unless the Company has exercised its right to redeem all of the notes of a series as described under “— Optional Redemption,” the Company will make an Offer to Purchase all of the outstanding notes of such series at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

“Change of Control” means:

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company, its Subsidiaries or any employee benefit plan of the Company or its Subsidiaries, files a Schedule 13D or Schedule TO (or any successor schedule, form or report) pursuant to the Exchange Act disclosing that such person has become the direct or indirect “beneficial owner” (as such term is used in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of the Voting Stock of the Company, unless such beneficial ownership (a) arises solely as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations under the Exchange Act, and (b) is not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act, except that for the purpose of this clause (1) a person will be deemed to have beneficial ownership of all shares that such person has the right to acquire irrespective of whether that right is exercisable immediately or only after the passage of time); provided, however, that a transaction will not be deemed to involve a Change of Control under this clause (1) if (a) the Company becomes a direct or indirect wholly owned subsidiary of a holding company, and (b)(i) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (ii) immediately following that transaction no “person” or “group”(other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; or

(2) the Company sells, conveys, transfers or leases (either in one transaction or a series of related transactions) all or substantially all assets of the Company and its Subsidiaries taken as a whole to, or merges or consolidates with, a Person (other than the Company or any of its Subsidiaries), other than any such merger or consolidation where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or parent entity thereof immediately after giving effect to such transaction; or

(3) the adoption of a plan relating to the Company’s liquidation or dissolution.

Additional Note

“Below Investment Grade Rating Event” means, with respect to each series of the notes, the rating on such series of notes is lowered by two or more of the Rating Agencies within 60 days from the earlier of (1) the date of the first public notice of an arrangement that could result in a Change of Control or (2) the occurrence of a Change of Control (which period shall be extended so long as the rating of such notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided, however, that a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) unless each of the Rating Agencies making the reduction in rating to which this definition would otherwise apply announces or publicly confirms that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event); provided, further, that notwithstanding the foregoing, a Below Investment Grade Rating Event shall not be deemed to have occurred so long as the applicable series of notes is rated Investment Grade by two or more of the Rating Agencies.

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