It should increase EPS by 6% if Intel were able to buy the 300m shares at today's price of $20. The interest spread should add about 1 penny per 1% of spread.
Showing my work .....
If Intel could buy back $6b at today's price of $20, that would be 300,000,000 shares. I have not seen any specific disposition of the shares described other than to say "repurchase". Intel historical actions speak loud. Intel seems to retire 100% of the shares they repurchase or at least they remove the shares from diluting the total.
The float is currently of 4.97b and shares outstanding is $4.98b.
From their last SEC form 10q Intel had
4.996b float and 5.153b fully diluted Sep 2012.
5.194b float and 5.340b fully diluted same time in 2011.
Intel burned 200m shares during the last 12 months from Sep 2011.
Intel will have extra interest cost: interest cost on $6b notes at say 3%
Intel will save: dividends on 300m shares with current yield of 4.5%
Intel will have a 1.5% positive spread.
There will be 1.5% spread x $6b = $90million of "dividend saving" over "interest expense".
Intel profits are bumped up by $90million per year by the positive spread.
Shares go from 4.996b down to 4.696b .
A single penny across the 4.996b shares will be the same as 1.06 pennies for the remaining 4.696b shares.