S&P assigns Qorvo notes BB+

S&P said it assigned its BB+ issue-level rating and 3 recovery rating to Qorvo Inc.’s new $700 million of senior unsecured notes. The 3 recovery rating indicates expectations for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default.

The company will use the proceeds to redeem its 5½% notes due 2026.

“Our BB+ issuer credit rating and stable outlook on Qorvo remain unchanged,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.