Micron Initiates Cash Purchase of Multi-Trillion Won Corporate Bonds

Micron Technology, Inc. (MU) announced on March 25 that it has launched a tender offer to repurchase for cash all outstanding series of senior notes due between 2031 and 2035 prior to maturity. The bonds subject to the offer total several billion dollars—equivalent to several trillion Korean won—and the purchase price will be determined by adding a fixed spread to U.S. Treasury yields. The offer will expire at 5:00 p.m. New York time on March 31, and, assuming customary conditions are met without any separate minimum tender requirement, investors will receive the purchase price plus accrued and unpaid interest through the expected settlement date of April 3.

The company has appointed D.F. King & Co. as the information agent and Bank of America, Morgan Stanley, and Wells Fargo Securities as the dealer managers, emphasizing that neither the company nor the dealer managers are making any investment recommendations regarding participation in the tender offer.

In its second-quarter fiscal 2026 earnings announcement this month, Micron reported record-high revenue, margins, earnings per share, and free cash flow, driven by robust AI and mobile/client demand. The company expects tight supply conditions for DRAM and NAND to persist throughout fiscal 2026—and for some time thereafter—due to surging demand from data centers and mobile applications.

Micron is a global memory-chip manufacturer investing heavily in large-scale production facilities in the United States, Singapore, and elsewhere, supplying essential DRAM and NAND memory and storage solutions for AI servers, mobile devices, PCs, and other leading IT platforms. In the context of the recent global memory shortage and expanding AI infrastructure investments, Micron—alongside Samsung Electronics and SK Hynix—is regarded as a key player shaping the industry’s competitive landscape.