micron technollogy 2006_8-K_call_spread

Micron Technology terminated call spread options covering 53.7 million shares that were originally entered into in connection with convertible notes issued in 2003. The notes were called for redemption in January 2006 and were substantially converted to common stock, with the remainder redeemed on February 6, 2006. As the notes are no longer outstanding, Micron no longer needs the call spread options and terminated them, with proceeds to be determined based on stock prices over an agreed period. An interest rate swap agreement also terminated on February 6th due to the stock price exceeding $14.15.