Qorvo sets price talk in $1 billion two-part senior notes offering; pricing Friday

By Paul A. Harris

Portland, Ore., Nov. 13 – Qorvo Inc. set price talk for its $1 billion two-part offering of senior notes (Ba1/BB+) on Friday morning, according to a market source.

The deal features eight-year notes with three years of call protection that are talked to yield 6% to 6¼%, wide of early guidance in the high 5% yield context.

The offer also includes 10-year notes with five years of call protection, which are talked to yield 6¼% to 6½%, wide of early guidance in the low 6% yield context.

Books close at 1 p.m. ET on Friday, and the Rule 144A and Regulation S with registration rights notes offering is set to price thereafter.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, TD Securities and Wells Fargo Securities LLC are the joint bookrunners.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp., BB&T and MUFG are the co-managers.

The Greensboro, N.C.-based technology company plans to use the proceeds for general corporate purposes, including share repurchases and the repayment of debt under its revolver.

Qorvo provides core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications.

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