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Intel (INTC) Plans Offering Of Senior Notes

 December 04, 2012 10:56 AM
 


(By Balachander) Intel Corp. (NASDAQ: INTC), the world's largest chip maker, announced plans to offer senior unsecured notes under a shelf registration statement filed with the Securities and Exchange Commission.

The company, which announced in November that Paul Otellini will be retiring as President and CEO in May, plans to to use the net proceeds for general corporate purposes and share buybacks.

As of September 29, 2012, Intel disclosed it had roughly $8.0 billion of indebtedness.

[Related -Intel Corporation (INTC): An 18.1% Yield From Intel?]

The offering and the final terms of the notes, including principal amount, interest rate and maturity will depend on market and other conditions at the time of pricing, the company said in a statement.

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering.

In October, Intel reported a fall in quarterly earnings and revenue as macro-economic concerns continue to mute growth and recovery in the semiconductor sector. Results, however, topped market expectations.

The world's largest chip maker earned 60 cents a share on a non-GAAP basis, down 12 percent from the year-ago quarter. Net earnings fell 14.2 percent to $2.97 billion. Revenue declined 5.5 percent to $13.5 billion for the third quarter.

[Related -Intel Corporation (INTC) and 5 Other Stocks That Could Pop on Earnings This Week]

In September, Intel withdrew its full-year forecast, citing softness in the enterprise PC market segment and slowing demand in emerging markets.

On Tuesday, INTC shares added 1.41 percent to trade at $19.82. Over the past year, the stock has been trading between $19.23 and $29.27.

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