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INTEL CORP — Capital/Financing Update 2023
Feb 7, 2023
29808_rns_2023-02-07_ce5b35e4-58a1-426a-a92f-6a7e57abb2ee.zip
Capital/Financing Update
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FWP 1 d448265dfwp.htm FWP FWP
Filed pursuant to Rule 433
Registration No. 333-269522
Issuer Free Writing Prospectus dated February 7, 2023
Relating to Preliminary Prospectus Supplement dated February 7, 2023
Term Sheet
February 7, 2023
| Issuer: | Intel Corporation |
|---|---|
| Anticipated Ratings*: | A2 (Moodys) / A (S&P) / A- (Fitch) |
| Security Type: | SEC Registered |
| Trade Date: | February 7, 2023 |
| Expected Settlement Date**: | February 10, 2023 (T+3) |
| Use of proceeds: | General corporate purposes, including, but not limited to, refinancing of outstanding debt, funding for working capital |
| and capital expenditures. | |
| 4.875% Senior Notes due 2026 | |
| Size: | $1,500,000,000 |
| Maturity Date: | February 10, 2026 |
| Coupon: | 4.875% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 100.000%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 3.875% due January 15, 2026 |
| Benchmark Treasury Price/Yield: | 99-10/4.125% |
| Spread to Benchmark Treasury: | +75 bps |
| Yield: | 4.875% |
| Make-Whole Call: | T+15 bps for any redemption prior to maturity |
| CUSIP/ISIN: | 458140CD0/US458140CD04 |
| 4.875% Senior Notes due 2028 | |
| Size: | $1,750,000,000 |
| Maturity Date: | February 10, 2028 |
| Coupon: | 4.875% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 99.917%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 3.500% due January 31, 2028 |
| Benchmark Treasury Price/Yield: | 98-14+/3.844% |
| Spread to Benchmark Treasury: | +105 bps |
| Yield: | 4.894% |
| Make-Whole Call: | T+20 bps for any redemption prior to January 10, 2028 |
| Par Call: | On or after January 10, 2028 |
| CUSIP/ISIN: | 458140CE8/US458140CE86 |
| 5.125% Senior Notes due 2030 | |
|---|---|
| Size: | $1,250,000,000 |
| Maturity Date: | February 10, 2030 |
| Coupon: | 5.125% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 99.971%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 3.500% due January 31, 2030 |
| Benchmark Treasury Price/Yield: | 98-09+/3.780% |
| Spread to Benchmark Treasury: | +135 bps |
| Yield: | 5.130% |
| Make-Whole Call: | T+25 bps for any redemption prior to December 10, 2029 |
| Par Call: | On or after December 10, 2029 |
| CUSIP/ISIN: | 458140CF5/US458140CF51 |
| 5.200% Senior Notes due 2033 | |
| Size: | $2,250,000,000 |
| Maturity Date: | February 10, 2033 |
| Coupon: | 5.200% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 99.715%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 4.125% due November 15, 2032 |
| Benchmark Treasury Price/Yield: | 103-18/3.687% |
| Spread to Benchmark Treasury: | +155 bps |
| Yield: | 5.237% |
| Make-Whole Call: | T+25 bps for any redemption prior to November 10, 2032 |
| Par Call: | On or after November 10, 2032 |
| CUSIP/ISIN: | 458140CG3/US458140CG35 |
| 5.625% Senior Notes due 2043 | |
| Size: | $1,000,000,000 |
| Maturity Date: | February 10, 2043 |
| Coupon: | 5.625% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 99.940%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 4.000% due November 15, 2042 |
| Benchmark Treasury Price/Yield: | 101-20+/3.880% |
| Spread to Benchmark Treasury: | +175 bps |
| Yield: | 5.630% |
| Make-Whole Call: | T+30 bps for any redemption prior to August 10, 2042 |
| Par Call: | On or after August 10, 2042 |
| CUSIP/ISIN: | 458140CH1/US458140CH18 |
| 5.700% Senior Notes due 2053 | |
| Size: | $2,000,000,000 |
| Maturity Date: | February 10, 2053 |
| Coupon: | 5.700% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 99.957%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 3.000% due August 15, 2052 |
| Benchmark Treasury Price/Yield: | 86-20/3.753% |
|---|---|
| Spread to Benchmark Treasury: | +195 bps |
| Yield: | 5.703% |
| Make-Whole Call: | T+30 bps for any redemption prior to August 10, 2052 |
| Par Call: | On or after August 10, 2052 |
| CUSIP/ISIN: | 458140CJ7/US458140CJ73 |
| 5.900% Senior Notes due 2063 | |
| Size: | $1,250,000,000 |
| Maturity Date: | February 10, 2063 |
| Coupon: | 5.900% |
| Interest Payment Dates: | February 10 and August 10, commencing on August 10, 2023 |
| Price to Public: | 99.954%, plus accrued interest from February 10, 2023, if any. |
| Benchmark Treasury: | UST 3.000% due August 15, 2052 |
| Benchmark Treasury Price/Yield: | 86-20/3.753% |
| Spread to Benchmark Treasury: | +215 bps |
| Yield: | 5.903% |
| Make-Whole Call: | T+35 bps for any redemption prior to August 10, 2062 |
| Par Call: | On or after August 10, 2062 |
| CUSIP/ISIN: | 458140CK4/US458140CK47 |
| Joint Book-Running Managers: | BofA Securities, Inc. |
| Citigroup Global Markets Inc. | |
| J.P. Morgan Securities LLC | |
| Morgan Stanley & Co. LLC | |
| Barclays Capital Inc. | |
| BNP Paribas Securities Corp. | |
| Goldman Sachs & Co. LLC | |
| Mizuho Securities USA LLC | |
| RBC Capital Markets, LLC | |
| TD Securities (USA) LLC | |
| Wells Fargo Securities, LLC | |
| Co-Managers: | Credit Agricole Securities (USA) Inc. |
| Evercore Group L.L.C. | |
| ICBC Standard Bank Plc*** | |
| NatWest Markets Securities Inc. | |
| Academy Securities, Inc. | |
| Blaylock Van, LLC | |
| Loop Capital Markets LLC | |
| Tigress Financial Partners LLC |
- A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
** Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the second business day preceding the settlement date will be required, by virtue of the fact that the notes initially will settle in T+3, to specify alternative settlement arrangements to prevent a failed settlement.
*** ICBC Standard Bank Plc is restricted in its U.S. securities dealings under the United States Bank Holding Company Act and may not underwrite, subscribe, agree to purchase or procure purchasers to purchase notes that are offered or sold in the United States. Accordingly, ICBC Standard Bank Plc shall not be obligated to, and shall not, underwrite, subscribe, agree to purchase or procure purchasers to purchase notes that may be offered or sold by other underwriters in the United States. ICBC Standard Bank Plc shall offer and sell the securities constituting part of its allotment solely outside the United States.
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplement if you request it by calling (i) BofA Securities, Inc. toll-free at 1-800-294-1322, (ii) Citigroup Global Markets Inc. toll-free at 1-800-831-9146, (iii) J.P. Morgan Securities LLC (collect) at 1-212-834-4533 or (iv) Morgan Stanley & Co. LLC toll-free at 1-866-718-1649.