Qorvo to price $700 million 10.5-year senior notes on Tuesday; initial talk mid-to-high 3% area

By Paul A. Harris

Portland, Ore., Sept. 15 – Qorvo, Inc. plans to price a $700 million offering of 10.5-year senior notes (existing ratings Ba1/BB+) in a Tuesday drive-by following a mid-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield in the mid-to-high 3% area, a bond trader said.

BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners. MUFG, BNP Paribas Securities Corp., TD Securities (USA) LLC, Truist Securities Inc. and PNC Capital Markets LLC are the co-managers.

The Rule 144A for life notes become callable after 5.5 years at par plus 50% of the coupon.

The Greensboro, N.C.-based semiconductor company plans to use the proceeds, together with cash on hand and proceeds from a new term loan, to redeem all of its outstanding 5½% senior notes due 2026.

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