16 September 2020
Qorvo prices offering of $700m of senior notes maturing in April 2031
Qorvo Inc of Greensboro, NC, USA (which provides core technologies and RF solutions for mobile, infrastructure and defense applications) has announced the pricing of its offering of $700m principal amount of its senior notes maturing in 2031. The notes will pay interest semi-annually at a rate of 3.375%, and will mature on 1 April 2031, unless redeemed earlier in accordance with their terms.
Qorvo expects to close the sale of the notes on or about 29 September, subject to satisfaction of customary closing conditions.
The notes will be issued to people reasonably believed to be qualified institutional buyers (pursuant to Rule 144A under the Securities Act of 1933, as amended) and to certain non-US people (in accordance with Regulation S under the Securities Act).
Qorvo expects to use the net proceeds of the offering, together with cash on hand and borrowings under its credit facility, to redeem all of its outstanding 5.50% senior notes due 2026.
The notes will be senior unsecured obligations of Qorvo and will be initially guaranteed, jointly and severally, by each of Qorvo’s existing and future direct and indirect wholly owned US subsidiaries that guarantee Qorvo’s obligations under its credit facility.
The notes will not be registered under the US Securities Act or any state securities laws and may not be offered or sold in the USA absent registration or an applicable exemption from such registration requirements.