Intel to Redeem 3.25% Junior Subordinated Convertible Debentures Due 2039
November 25 2019 - 3:30PM
Business Wire
Intel Corporation (NASDAQ: INTC) announced today that it has
issued a notice of redemption to redeem on Jan. 9, 2020, all of its
outstanding 3.25% Junior Subordinated Convertible Debentures due
2039 (CUSIP Number 458140AF7) (the "Securities"). As of Nov. 12,
2019, approximately $372 million principal amount of the Securities
was outstanding.
The Securities called for redemption will be redeemed at a
stated redemption price equal to 100% of the aggregate principal
amount of such Securities, plus accrued and unpaid interest to (but
excluding) the redemption date.
The conversion rate of the Securities as of Nov. 22, 2019, is
49.6852 shares of Intel common stock per $1,000 principal amount of
the Securities, which is equivalent to a conversion price of $20.13
per share of common stock. The Securities called for redemption may
be converted at any time before the close of business (which is 5
p.m., ET) on Jan. 6, 2020, the third Scheduled Trading Day (as
defined in the indenture governing the Securities) immediately
preceding the redemption date. Intel will settle the conversion
obligation with respect to the Securities in cash. The amount of
cash payable upon conversion of any Security shall, for each share
of common stock into which the Security is convertible, be equal to
the sum of the Daily Settlement Amounts (as defined in the
indenture) for each of the 20 trading days during the Observation
Period. The Observation Period means the 20 consecutive trading
days beginning on and including the 22nd Scheduled Trading Day
prior to the redemption date. Upon conversion, a Holder will not
receive any separate cash payment for accrued and unpaid interest
and the Company’s settlement of the conversion obligation shall be
deemed to satisfy its obligation to pay the principal amount of the
Security and accrued and unpaid interest to, but not including the
conversion date.
A copy of the notice of redemption may be obtained from Wells
Fargo Bank, National Association, as trustee, paying agent and
conversion agent, by calling 1-800-344-5128.
About Intel
Intel (NASDAQ: INTC), a leader in the semiconductor industry, is
shaping the data-centric future with computing and communications
technology that is the foundation of the world’s innovations. The
company’s engineering expertise is helping address the world’s
greatest challenges as well as helping secure, power and connect
billions of devices and the infrastructure of the smart, connected
world – from the cloud to the network to the edge and everything in
between. Find more information about Intel at newsroom.intel.com
and intel.com.
© Intel Corporation. Intel, the Intel logo, and other Intel
marks are trademarks of Intel Corporation or its subsidiaries.
Other names and brands may be claimed as the property of
others.
Forward-Looking Statements
This press release contains forward-looking statements relating
to the redemption of the Securities, as well as forward-looking
statements relating to Intel’s future plans and expectations. Words
such as “anticipates,” “expects,” “intends,” “goals,” “plans,”
“believes,” “seeks,” “estimates,” “continues,” “may,” “will,”
“would,” “should,” “could,” and variations of such words and
similar expressions are intended to identify such forward-looking
statements. All forward-looking statements included in this release
are based on management expectations as of the date of this release
and, except as required by law, Intel disclaims any obligation to
update these forward-looking statements to reflect future events or
circumstances. Forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such statements. Such risks and
uncertainties include changes in market conditions and other risks
detailed in Intel’s SEC filings, including its most recent reports
on Form 10-K, Form 10-Q, and Form 8-K, which are available at the
SEC’s website at www.sec.gov. Copies of Intel’s SEC filings may
also be obtained by visiting Intel’s Investor Relations website at
www.intc.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191125005678/en/
Brooke Wells Investor Relations 503-613-8230
brooke.wells@intel.com
Cara Walker Media Relations 503-696-0831
cara.walker@intel.com
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