By Cristal Cody
Tupelo, Miss., Nov. 18 – Intel Corp. priced $2.75 billion of senior notes (A1/A+/A+) in two tranches on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company sold $1.25 billion of 2.45% 10-year notes at a spread of 65 basis points over Treasuries, 10 bps better than initial talk. The notes were sold at 99.868 to yield 2.465%.
A $1.5 billion tranche of 3.25% 30-year notes priced at a Treasuries plus 95 bps spread, or 99.943 to yield 3.253%. The issue was initially talked to print in the 105 bps spread area.
BofA Securities, Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including debt refinancing.
Intel is a semiconductor chip maker based in Santa Clara, Calif.
| Issuer: | Intel Corp.
|
| Amount: | $2.75 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | Academy Securities, Inc., Blaylock Van, LLC and Siebert Williams Shank & Co., LLC
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Nov. 15, 2029
|
| Coupon: | 2.45%
|
| Price: | 99.868
|
| Yield: | 2.465%
|
| Spread: | Treasuries plus 65 bps
|
| Call features: | Make-whole call at Treasuries plus 10 bps before Aug. 15, 2029; thereafter at par
|
| Price guidance: | Treasuries plus 75 bps area
|
|
|
| 30-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 15, 2049
|
| Coupon: | 3.25%
|
| Price: | 99.943
|
| Yield: | 3.253%
|
| Spread: | Treasuries plus 95 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before May 15, 2049; thereafter at par
|
| Price guidance: | Treasuries plus 105 bps area
|
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