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Qorvo whispers $300 million eight-year notes in high 5% area; pricing expected Tuesday
By Paul A. Harris
Portland, Ore., July 10 – Qorvo, Inc. expects to price a $300 million offering of eight-year senior notes (expected ratings Ba1/BB+) in a quick-to-market Tuesday trade, according to market sources.
Initial guidance has the deal coming with a yield in the high 5% area, a trader said.
BofA Merrill Lynch is the lead.
The Greensboro, N.C.-based technology company plans to use the proceeds to fund tender offers for its 6¾% senior notes due 2023 and up to $150 million of its 7% senior notes due 2025 and for general corporate purposes.
Qorvo provides core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications.
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