New Issue: Qorvo prices $700 million 10.5-year notes at par to yield 3 3/8%

By Paul A. Harris

Portland, Ore., Sept. 15 – Qorvo, Inc. priced a $700 million issue of 10.5-year senior notes (Ba1/BB+) at par to yield 3 3/8% in a Tuesday drive-by, according to market sources.

The yield printed at the tight end of yield talk in the 3½ area. Initial talk was in the mid-to-high 3% area.

BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

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.

Issuer:	Qorvo, Inc.
Amount:	$700 million
Maturity:	April 1, 2031
Securities:	Senior notes
Bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC and Morgan Stanley & Co. LLC
Co-managers:	MUFG, BNP Paribas Securities Corp., TD Securities (USA) LLC, Truist Securities Inc. and PNC Capital Markets LLC
Coupon:	3 3/8%
Price:	Par
Yield:	3 3/8%
Spread:	275 bps
Call protection:	5.5 years
Trade date:	Sept. 15
Settlement date:	Sept. 29
Ratings:	Moody's: Ba1
	S&P: BB+
Distribution:	Rule 144A for life
Price talk:	3½% area
Marketing:	Drive-by

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