Micron Enters Material Agreement, New Financial Obligation

Ticker: MU · Form: 8-K · Filed: 2024-01-12T00:00:00.000Z

Sentiment: neutral

Topics: material-agreement, financial-obligation, corporate-action

TL;DR

**Micron just took on a new major financial obligation and entered a key agreement.**

AI Summary

Micron Technology, Inc. filed an 8-K on January 12, 2024, to report an "Entry into a Material Definitive Agreement" and "Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement." This filing indicates that Micron has entered into a significant new agreement and taken on a new financial obligation, which could impact its future financial performance and operational strategy. For investors, this matters because such agreements and obligations can affect the company's profitability, cash flow, and overall risk profile, potentially influencing stock valuation.

Why It Matters

This filing signals a new significant business commitment and financial obligation for Micron, which could influence its future earnings and balance sheet. Investors should monitor the details of this agreement to assess its potential impact on the company's growth and financial health.

Risk Assessment

Risk Level: medium — The filing indicates new financial obligations and material agreements without specific details, creating uncertainty about their potential impact on the company's financial health.

Analyst Insight

A smart investor would seek out further details regarding the 'Material Definitive Agreement' and 'Direct Financial Obligation' mentioned in this 8-K to understand their scope, terms, and potential impact on Micron's financial statements and future outlook before making any investment decisions.

Key Numbers

Key Players & Entities

FAQ

What specific items did Micron Technology, Inc. report in this 8-K filing?

Micron Technology, Inc. reported an "Entry into a Material Definitive Agreement" and "Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant" as per the Item Information sections of the filing dated January 12, 2024.

What is the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported in this 8-K filing is January 12, 2024, as stated in the 'Date of Report' section.

What is the trading symbol and the exchange where Micron Technology, Inc.'s common stock is registered?

Micron Technology, Inc.'s common stock trades under the symbol 'MU' and is registered on the Nasdaq Global Select Market, as indicated in the 'Securities registered pursuant to Section 12(b) of the Act' table.

What is the state of incorporation for Micron Technology, Inc.?

Micron Technology, Inc. is incorporated in Delaware, as specified in the filing under 'State or other jurisdiction of incorporation'.

What is the business phone number for Micron Technology, Inc.?

The business phone number for Micron Technology, Inc. is (208) 368-4000, as listed in the filing's contact information.

Filing Stats: 1,237 words · 5 min read · ~4 pages · Grade level 10.5 · Accepted 2024-01-12 16:01:56

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On January 12, 2024, Micron Technology, Inc. (Micron, we, us, or our) settled its offering of $1,000,000,000 aggregate principal amount of 5.30% senior notes due 2031 (the Notes). The Notes were issued and sold in a public offering pursuant to a registration statement on Form S-3 (File No. 333-275276), including the prospectus contained therein (the Base Prospectus), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, a preliminary prospectus supplement dated January 10, 2024, a related final prospectus supplement dated January 10, 2024 (together with the Base Prospectus, the Prospectus), and a free writing prospectus dated January 10, 2024. The Notes were issued pursuant to an indenture, dated as of February 6, 2019 (the Base Indenture), between Micron and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, as supplemented by an eighth supplemental indenture, dated as of January 12, 2024 (the Supplemental Indenture and, together with the Base Indenture, the Indenture). The Indenture contains certain covenants, events of default and other customary provisions. The Notes bear interest at a rate of 5.30% per year and will mature on January 15, 2031. Interest on the Notes is payable on January 15 and July 15 of each year, beginning on July 15, 2024. Prior to the Par Call Date (as defined below), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (i)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current treasury rate plus 20 basis points, less (b) interest accrued to the date of r

01. Other Events

Item 8.01. Other Events. Wilson Sonsini Goodrich & Rosati, Professional Corporation, counsel to Micron, has issued an opinion to Micron dated January 12, 2024 regarding the legality of the Notes. A copy of the opinion is filed as Exhibit 5.1 hereto.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 4.1 Indenture, dated February 6, 2019, by and between Micron Technology, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as Trustee, filed as Exhibit 4.1 to Micron's Form 8-K filed on February 6, 2019 4.2 Eighth Supplemental Indenture, dated as of January 12, 2024, by and between Micron Technology, Inc. and U.S. Bank Trust Company, National Association, as Trustee 4.3 Form of Note for Micron Technology, Inc.'s 5.30% Senior Notes due 2031 (incorporated by reference from Exhibit 4.2 hereto) 5.1 Opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation 23.1 Consent of Wilson Sonsini Goodrich & Rosati, Professional Corporation (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 12, 2024 MICRON TECHNOLOGY, INC. By: /s/ Mark Murphy Name: Mark Murphy Title: Executive Vice President and Chief Financial Officer

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