Intel, the world’s biggest maker of microprocessors, says it is offering $1.5 billion in junior subordinated convertible debentures and will use proceeds to buyback stock.
The company says the debentures are due in 2039. Intel is granting initial buyers of the debentures the right to buy up to $250 million additional debentures to cover overallotments.
Intel has about 5.6 billion shares of outstanding stock.
Shares rose 11 cents to close at $18.90 on Monday.