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Intel Sells First Non-Convertible Since ’87

$5 bln proceeds to be used for buybacks; corporate bond sales reviving.

By Sapna Maheshwari, Tim Catts, Bloomberg | Updated on September 15, 2011

Intel Corp., the world’s largest chipmaker, sold $5 billion of debt in its first non-convertible bond offering in more than two decades as issuance revives in September with borrowing costs at about record lows.

Proceeds will mainly be used to fund stock buybacks, Santa Clara, California-based Intel said today in a statement distributed by Business Wire. The chipmaker last tapped the market for bonds that aren’t convertible into stock in 1987, according to data compiled by Bloomberg.

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