Micron Technology, Inc. (Nasdaq: MU), today announced the closing of its first $1 billion green bond. The net proceeds from the sale of Micron’s green issuances will be allocated to eligible projects that the company believes can substantively move priorities forward, including renewable energy, green buildings, energy efficiency, water management, pollution control and a circular economy. The bond offering aligns with the International Capital Market Association’s Green Bond Principles.1
“Micron’s green bond builds on our track record of aligning our financial and business strategy with our sustainability commitments,” said David Zinsner, chief financial officer at Micron. “The proceeds will be invested in improving the company’s greenhouse gas performance, energy and water use and waste generation; and supporting opportunities in our supply chains and products.”
The debt offering reflects Micron’s leadership in sustainable financing and follows the company’s recent close of nearly $3.7 billion in sustainability-linked facilities in May 2021. The loans positioned the company as a top-five corporate sustainability-linked credit facility issuer in the U.S. Crédit Agricole Corporate and Investment Bank (CIB) served as the sustainability structuring agent for the credit facilities and green structuring advisor for the green bond.
Micron’s Green Bond Framework aligns with and builds on Micron’s efforts to incorporate sustainability into its finance strategy. Micron has committed to spend $1 billion by 2028 to meet the company’s environmental targets: reduce greenhouse gas emission intensity by 75% between 2018 and 2030, achieve 75% water conservation and 95% waste diversion globally in 2030, and source 100% renewable energy across its U.S. manufacturing operations by the end of 2025.
In addition to the traditional banks involved in the green bond issuance process, several nationally recognized minority and women-owned firms also participated, including African American and women-owned Siebert Williams Shank & Co., LLC; women-owned R. Seelaus & Co., LLC.; service-disabled veteran-owned firm, Academy Securities, Inc.; and Hispanic-owned Samuel A. Ramirez & Company, Inc.
