Convertibles Calendar: Micron to price $440 million of convertibles

February 6

MICRON TECHNOLOGY INC. (NYSE: MU): $440 million of 20-year convertible senior notes; two evenly divided tranches; pricing after the market close Wednesday; $220 million of E notes talked to yield 1.75%-2.25%, up 32.5%-37.5%; $220 million of F notes to yield 2.125%-2.625%, up 32.5%-37.5%; $30 million greenshoe for each; E notes are non-callable for five years; puts in years five and 10; F notes are non-callable for seven years; puts in years seven and 10; joint bookrunners Morgan Stanley & Co. LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC; Rule 144A; concurrent capped call transactions; proceeds to repay part of Micron's 1.875% convertible senior notes due 2014, and for investments; Boise, Idaho-based maker of semiconductor devices.

February 7

ACCURAY INC. (Nasdaq: ARAY): $75 million of five-year convertible senior notes; after the market close on Thursday; talked 3.25%-3.75% coupon, up 17.5%-22.5%; Rule 144A; $10 million greenshoe; via bookrunner J.P. Morgan Securities LLC, Goldman Sachs & Co. Inc. co-manager; non-callable for life, no puts; takeover and dividend protection; proceeds for working capital and general corporate purposes; Sunnyvale, Calif.-based developer of robotic radiosurgery for the treatment of tumors.

International Convertibles Calendar

ON THE HORIZON

KUKA AG (Frankfurt: KUKA): €55 million to €60 million five-year convertibles; par of €100,000; talked to yield 1.75%-2%, up 25%-27%; Regulation S; non-callable for three years, then provisionally callable at 130% price hurdle; proceeds for balance sheet and financial flexibility; Augsburg, Germany-based developer of industrial automation processes including robotics.

ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, to purchase overseas raw materials and for operating capital; Taipei, Taiwan, cement producer.

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