Reuters: Technology News: Intel offers debt, shares jump on stock buyback hopes

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Intel offers debt, shares jump on stock buyback hopes Dec 4th 2012, 20:59 Tweet Share this Email Print Related News Greek bond buyback offer tops expectations Mon, Dec 3 2012 AMD plans to sell Texas campus to raise cash Tue, Nov 27 2012 Intel CEO to retire as chipmaker struggles with mobile Mon, Nov 19 2012 Exclusive: AMD hires bank to explore options - sources Tue, Nov 13 2012 Related Topics Tech » Hot Stocks » Asian Markets » A woman walks past an Intel logo at the 2012 Computex in Taipei June 5, 2012. Credit: Reuters/Yi-ting Chung By Noel Randewich SAN FRANCISCO | Tue Dec 4, 2012 3:59pm EST SAN FRANCISCO (Reuters) - Intel on Tuesday launched a $6 billion debt sale to fund share buybacks and other activities, and the top chipmaker's stock rose more than 2 percent. Intel was offering the bonds in a range of maturities from five years to 30 years, according to IFR, a Thomson Reuters unit. Intel said in a filing it plans to use proceeds of the debt sale for general corporate purposes and for stock buybacks under its existing share authorization. "We believe the action should likely prove prudent given low debt borrowing costs," RBC analyst Doug Freedman said of the debt offer in a note to clients. "In our view the raise will likely support increased buybacks." Intel's stock has dropped 18 percent over the past year as investors worried about slow PC sales and the company's failure to expand into mobile gadgets. It's shares were up 2.3 percent at $20.00 on Tuesday. "The cost of money is relatively inexpensive and we have an excellent credit rating. It's sound financial planning," said Intel spokesman Chuck Mulloy. (Reporting By Noel Randewich) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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