Micron Technology (MU) Prices $1B Notes Offering

Micron Technology (NASDAQ: MU):

The information in this pricing term sheet supplements Micron Technology, Inc.’s (“Micron”) preliminary prospectus supplement, dated January 10, 2024 (the “Preliminary Prospectus Supplement”), and supplements and supersedes the information in the Preliminary Prospectus Supplement to the extent supplementary to or inconsistent with the information in the Preliminary Prospectus Supplement. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement.

Issuer: Micron Technology, Inc. (Nasdaq: MU)

Securities Offered: $1,000,000,000 aggregate principal amount of 5.30% Senior Notes due 2031 (the “notes”)

Pricing Date: January 10, 2024

Closing Date: January 12, 2024 (T+2)

Denominations: $2,000 and integral multiples of $1,000 in excess thereof

Use of Proceeds: Micron estimates that the net proceeds from the sale of the notes, after deducting underwriter discounts and other estimated offering expenses, will be approximately $993 million.

Micron intends to use net proceeds from the sale of the notes to repay borrowings under its 2024 Term Loan A.

Micron intends to use the remainder of the net proceeds from the sale of the notes for general corporate purposes, which may include the repayment of other indebtedness.

Ratings:* Baa3 (Stable) (Moody’s Investors Service, Inc.)
BBB (Stable) (Fitch Ratings Inc.)
BBB- (Stable) (S&P Global Ratings)

Maturity Date: January 15, 2031

Interest Rate: 5.300% per year on the principal amount of the notes

Interest Payment Dates: January 15 and July 15, beginning July 15, 2024 and accruing from January 12, 2024

Record Dates: January 1 and July 1

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