INTC – Intel plans to buy back stock with $1.5 billion from sale of convertibles
July 22, 2009 by admin
Filed under Todays Watchlist
Intel Corporation
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Intel Corp. stated they have sold 3.25 percent of their convertible notes for $1.75 billion. These notes are due in 2039.
They outlined plans to buy back stock using up to $1.5 billion of these proceeds.
Note holders would pay $22.68 per share, which is a 20% premium over the chip makers $18.90 share price on Tuesday.
The stock is up 13 cents as of this writing.
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