INTC is trading at $80.74 (-5%) from yesterday's $84.99 close. The decline comes as the company announced a significant bond sale to fund the repurchase of its Fab 34 facility in Ireland.
- Intel is launching a multi-tranche investment-grade bond sale to help finance the $14.2 billion move to retake full ownership of the facility.
- The company plans to take on roughly $6.5 billion in new debt to repurchase the 49% stake in the Irish joint venture from Apollo Global Management.
- While the move is seen as strategically positive for Intel's manufacturing realignment, taking on significant new debt can put short-term pressure on the stock.