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Simpson Thacher recently represented Morgan Stanley & Co. Incorporated, Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. as underwriters in a $1.3 billion public offering by Micron Technology, Inc. of 1.875% Convertible Senior Notes due 2014. The firm also represented option counterparties in related capped call transactions under which Micron purchased call options covering approximately 91 million shares of its common stock. The capped calls are exercisable at the conversion price for the Notes, however, the shares to be delivered on exercise will decrease to the extent the share price then exceeds a specified cap. The capped call options mitigate dilution to Micron shareholders upon conversion of the Notes.

Micron Technology, Inc. is one of the world's leading providers of advanced semiconductor products such as DRAM, NAND Flash memory and CMOS image sensors. The Simpson Thacher team for this transaction included Bill Hinman, Louis Lehot, Colin Hsu and Ben Backberg (Corporate), Joyce Xu (Equity Derivatives), Ivan Rothman and Marcela Robledo (IP), Diane Gipstein (tax), Richard Grimm and Bill Herochik (Executive Compensation and Employee Benefits) and David Needham (paralegal).