Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
March 20 2020 - 4:51PM
Edgar (US Regulatory)
Filed pursuant to Rule 433
Registration No. 333-224472
Issuer Free Writing Prospectus dated March 20, 2020
Relating to Preliminary Prospectus Supplement dated March 20, 2020
Term Sheet
March 20, 2020
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Issuer:
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Intel Corporation
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Anticipated Ratings:
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A1 (Moody’s)/A+ (S&P)/A+ (Fitch)*
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Security Type:
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SEC Registered
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Trade Date:
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March 20, 2020
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Expected Settlement Date:
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March 25, 2020 (T+3)**
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Use of proceeds:
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General corporate purposes, including, but not limited to, refinancing of outstanding debt, funding for working capital
and capital expenditures
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3.400% Senior Notes due 2025
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Size:
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$1,500,000,000
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Maturity Date:
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March 25, 2025
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Coupon:
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3.400%
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Interest Payment Dates:
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March 25 and September 25, commencing on September 25, 2020
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Price to Public:
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99.845%, plus accrued interest from March 25, 2020, if any.
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Benchmark Treasury:
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UST 1.125% due February 28, 2025
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Benchmark Treasury Price/Yield:
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102-28/0.534%
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Spread to Benchmark Treasury:
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+290 bps
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Yield:
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3.434%
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Make-Whole Call:
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T+45 bps for any redemption prior to February 25, 2025
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Par Call:
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On or after February 25, 2025
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CUSIP/ISIN:
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458140 BP4/US458140BP43
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3.750% Senior Notes due 2027
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Size:
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$1,000,000,000
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Maturity Date:
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March 25, 2027
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Coupon:
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3.750%
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Interest Payment Dates:
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March 25 and September 25, commencing on September 25, 2020
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Price to Public:
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99.805%, plus accrued interest from March 25, 2020, if any.
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Benchmark Treasury:
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UST 1.125% due February 28, 2027
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Benchmark Treasury Price/Yield:
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101-31/0.832%
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Spread to Benchmark Treasury:
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+295 bps
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Yield:
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3.782%
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Make-Whole Call:
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T+50 bps for any redemption prior to January 25, 2027
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Par Call:
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On or after January 25, 2027
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CUSIP/ISIN:
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458140 BQ2/US458140BQ26
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3.900% Senior Notes due 2030
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Size:
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$1,500,000,000
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Maturity Date:
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March 25, 2030
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Coupon:
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3.900%
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Interest Payment Dates:
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March 25 and September 25, commencing on September 25, 2020
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Price to Public:
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99.795%, plus accrued interest from March 25, 2020, if any.
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Benchmark Treasury:
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UST 1.500% due February 15, 2030
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Benchmark Treasury Price/Yield:
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104-30/0.975%
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Spread to Benchmark Treasury:
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+295 bps
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Yield:
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3.925%
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Make-Whole Call:
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T+50 bps for any redemption prior to December 25, 2029
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Par Call:
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On or after December 25, 2029
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CUSIP/ISIN:
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458140 BR0/US458140BR09
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4.600% Senior Notes due 2040
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Size:
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$750,000,000
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Maturity Date:
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March 25, 2040
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Coupon:
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4.600%
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Interest Payment Dates:
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March 25 and September 25, commencing on September 25, 2020
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Price to Public:
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99.909%, plus accrued interest from March 25, 2020, if any.
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Benchmark Treasury:
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UST 2.375% due November 15, 2049
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Benchmark Treasury Price/Yield:
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116-24+/1.657%
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Spread to Benchmark Treasury:
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+295 bps
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Yield:
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4.607%
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Make-Whole Call:
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T+50 bps for any redemption prior to September 25, 2039
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Par Call:
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On or after September 25, 2039
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CUSIP/ISIN:
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458140 BL3/US458140BL39
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4.750% Senior Notes due 2050
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Size:
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$2,250,000,000
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Maturity Date:
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March 25, 2050
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Coupon:
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4.750%
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Interest Payment Dates:
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March 25 and September 25, commencing on September 25, 2020
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Price to Public:
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99.889%, plus accrued interest from March 25, 2020, if any.
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Benchmark Treasury:
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UST 2.375% due November 15, 2049
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Benchmark Treasury Price/Yield:
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116-24+/1.657%
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Spread to Benchmark Treasury:
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+310 bps
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Yield:
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4.757%
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Make-Whole Call:
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T+50 bps for any redemption prior to September 25, 2049
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Par Call:
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On or after September 25, 2049
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CUSIP/ISIN:
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458140 BM1/US458140BM12
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4.950% Senior Notes due 2060
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Size:
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$1,000,000,000
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Maturity Date:
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March 25, 2060
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Coupon:
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4.950%
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Interest Payment Dates:
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March 25 and September 25, commencing on September 25, 2020
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Price to Public:
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98.171%, plus accrued interest from March 25, 2020, if any.
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Benchmark Treasury:
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UST 2.375% due November 15, 2049
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Benchmark Treasury Price/Yield:
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116-24+/1.657%
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Spread to Benchmark Treasury:
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+340 bps
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Yield:
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5.057%
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Make-Whole Call:
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T+50 bps for any redemption prior to September 25, 2059
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Par Call:
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On or after September 25, 2059
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CUSIP/ISIN:
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458140 BN9/US458140BN94
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Joint Book-Running Managers:
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BofA Securities, Inc.
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Goldman Sachs & Co. LLC
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J.P. Morgan Securities LLC
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*
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A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time.
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**
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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.
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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) Goldman Sachs & Co. LLC toll-free at 1-866 471-2526 or (iii) J.P. Morgan
Securities LLC collect at 1-212-834-4533.
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