Micron Technology, Inc. (NASDAQ:MU) announced that it intends to offer, subject to market and other considerations, $1 billion aggregate principal amount of senior secured notes due 2023 (the “Notes”) through an offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

Micron intends to use the net proceeds from the offering for general corporate purposes, including to fund capital expenditures, working capital, and to pay related fees and expenses.

The notes will be senior secured obligations of Micron and are expected to be guaranteed by one of Micron’s domestic subsidiaries.  The interest rate, redemption provisions and other terms of the Notes will be determined by negotiations between Micron and the initial purchasers.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the foregoing securities, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. (Original Source)

Shares of Micron Technology closed yesterday at $10.88, up $0.71 or 6.98%. MU has a 1-year high of $29.78 and a 1-year low of $9.31. The stock’s 50-day moving average is $10.87 and its 200-day moving average is $13.46.

On the ratings front, Micron has been the subject of a number of recent research reports. In a report issued on April 12, UBS analyst Stephen Chin reiterated a Buy rating on MU, with a price target of $14, which represents a potential upside of 28.7% from where the stock is currently trading. Separately, on April 11, Bernstein Research’s Mark Newman maintained a Buy rating on the stock .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Chin and Mark Newman have a total average return of 6.2% and 11.2% respectively. Chin has a success rate of 51.1% and is ranked #584 out of 3798 analysts, while Newman has a success rate of 51.9% and is ranked #643.

Overall, 4 research analysts have rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 16 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $14.00 which is 29% above where the stock closed yesterday.

Micron Technology, Inc. provides semiconductor solutions. It manufactures and distributes semiconductor solutions. It manufactures and markets DRAM, NAND Flash and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.