The stock of Micron Technology, Inc (NASDAQ:MU) closed at $41.65 gaining 3.12% in yesterday’s trading session. On Wednesday, the company outlined that it had plans underway to retire $2.25 billion of debt. If all moves according to plan, the chip maker is expected to redeem all its outstanding 7.5% Senior Secured Notes.

Ernie Maddock, the Micron Chief Financial Officer opined, “Today’s announcement demonstrates our commitment to improve the company’s balance sheet and strengthen our financial foundation. By utilizing the proceeds of our recent equity offering, we are able to fully retire the 2023 7.5% Senior Secured Notes at an attractive rate.  Additionally, we will utilize cash on hand to retire our 2023 Senior Notes.”

On November 13, 2017, Micron will be redeeming $437.5 million in aggregate principal amount. The 2023 Senior Notes and the 2023 Senior Secured Notes are being put into close considering by the chip company and its spokesperson has outlined that they will soon be paying the accrued and unpaid interest.

For many years, Micron Technology has been at the pinnacle when it comes to the provision of innovative memory solutions to customers around the world. Despite the fierce competition from rivals, the company has been seen putting all the required measures in place towards maintaining its relevance in the market.

Business challenges are normal for any progressive company and Micron hasn’t been spared either. From time to time it has had to forego some developments in a bid to repay huge amounts of debt. Making the right replacements for its outgoing staff has also been an issue in several instances. However, the company takes great pride in the fact that it has managed to stand strong all along the way. At the moment it has plans underway which it is confident will help it raise higher revenues.

Top analysts concur that the move by the company to retire the $2.25 billion of debt is a timely one. They say that it is a major stepping stone towards the company progressing in business and also competing favorably in the world market.