Qorvo driving by with $250 million tap of 4 3/8% notes due 2029

By Paul A. Harris

Portland, Ore., May 28 – Qorvo, Inc. plans to price a $250 million add-on to its 4 3/8% senior notes due 2029 (confirmed Ba1/existing BB+) in a Thursday drive-by, according to a syndicate source.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

MUFG, PNC Capital Markets LLC, BNP Paribas Securities Corp., TD Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights add-on notes become callable on Oct. 15, 2024 at 102.188.

The notes feature 101% put in the event of a change of control or ratings downgrades from both Moody's Investors Service and S&P Global Ratings.

The Greensboro, N.C.-based semiconductor company plans to use the proceeds for general corporate purposes.

The original $350 million priced in September 2019. A previous $200 million add-on priced in December 2019.

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