Intel Corp, Santa Clara has filed with the Securities & Exchange Commission for a public offering of five-year 1998 step-up warrants for 10m shares at a target $30 to $32 each. For the first year, the warrants will be exercisable at a price about 20% above the share price at the time of the offering. Annually thereafter, the exercise price will rise at a compounded rate of about 4% a year. Intel also filed a universal shelf registration of $3,000m, covering the sale of step-up warrants and the 10m shares of common issuable on exercise of the Warrants. After the warrants are issued, about $1,100m of the registration should be left for future securities offerings. The joint managers are Lehman Brothers and Morgan Stanley & Co Inc.