Intel Corporation (Nasdaq: INTC) announced a proposed $15 billion underwritten public offering of common stock, with proceeds intended for general corporate purposes, including capital expenditures and working capital.

The company also expects to grant underwriters a 30-day option to purchase up to an additional $2.25 billion in shares at the public offering price, less underwriting discounts.

Intel stated the offering is intended to support its balance sheet and maintain its investment-grade credit rating. The company filed a registration statement on Form S-3 with the Securities and Exchange Commission in connection with the offering.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Citigroup Global Markets Inc. are acting as joint book-running managers for the proposed offering.