This is what I wrote before:
http://discussion.fool.com/a-caution-on-micron-its-convertible-d…
Here is Micron’s most recent annual report:
http://investors.micron.com/secfiling.cfm?filingID=723125-17…
In the annual report, Micron states:
“…the conversion value in excess of principal of our convertible notes, as of 8/31/17 was $1.91 billion, based on the trading price of our common stock of $31.97 as of 8/31/17.”
In their quarterly report for the period that ended 11/30/17, this excess increases:
…the conversion values for these notes exceeded the principal amounts by $2.87 billion as of 11/30/17.
The share price on 11/30 was around $42.35, very close to the $42.75 at the end of trading last week. Current market cap is $49.433 billion. There are 1.16 billion shares outstanding, so the excess from these notes is roughly $2.50 per share at the current share price.
What I can’t find yet is the total number of shares that the debt could potentially be converted to. I also don’t know the effect of their hedging with call options.