Micron Technology closed a $2 billion revolving credit facility with JPMorgan as administrative agent and joint lead arranger.
According to a related 8-K filing, the credit agreement matures five years after the effective date. The revolving credit facility includes a $200 million letter of credit sublimit. It also provides that, under certain circumstances, including compliance with certain financial covenants, Micron may add one or more incremental term facilities and/or incremental revolving facilities increasing commitments under the facility with the agreement of the lenders.
Micron’s obligations under the credit agreement will be unconditionally guaranteed, on a senior secured basis, by each material restricted subsidiary of Micron.
Micron Technology is engaged in semiconductor systems.
