By Sabela Ojea

Intel Corp. said Friday that it is receiving net proceeds of $10.96 billion from a sale of notes.

The chip maker said it sold notes of an aggregate principal amount of $11.0 billion.

It didn't detail where the proceeds of the sale will be invested.

The sale includes $1.50 billion of 4.875% senior notes due 2026, $1.75 billion of 4.875% senior notes due 2028, among other notes due in 2030, 2033, 2043, 2053 and 2063.

Earlier this year, the company issued a disappointing set of quarterly results that spurred a downgrade in its credit rating.

As a result of this, the company is setting its efforts toward reducing costs and is implementing job cuts. Chief Executive Pat Gelsinger will see his base pay reduced 25% as part of the restructuring plan.

Shares rose 0.7% in after-hours trading.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 10, 2023 17:27 ET (22:27 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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