New Issue: Qorvo prices upsized $130 million tap of 5½% notes due 2026 at 101

By Paul A. Harris

Portland, Ore., Aug. 14 – Qorvo, Inc. priced an upsized $130 million add-on to its 5½% senior notes due July 15, 2026 (Ba1/BB+) at 101 on Tuesday, according to a syndicate source.

The notes, which were increased from a planned $100 million, priced with a 5.299% yield to worst and a 5.342% yield to maturity.

BofA Merrill Lynch was the left bookrunner. Wells Fargo Securities LLC and Citigroup Global Markets Inc. were the joint bookrunners.

The Greensboro, N.C.-based technology company plans to use the proceeds to fund the tender for its 7% senior notes due 2025.

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

Issuer:	Qorvo, Inc.
Amount:	$130 million, increased from $100 million
Maturity:	July 15, 2026
Security description:	Add-on to 5½% senior notes due July 15, 2026
Left bookrunner:	BofA Merrill Lynch
Joint bookrunners:	Wells Fargo Securities LLC, Citigroup Global Markets Inc.
Co-managers:	MUFG, PNC Capital Markets LLC, BNP Paribas Securities Corp., TD Securities (USA) LLC, BB&T Capital Markets, Credit Suisse Securities (USA) LLC
Coupon:	5½%
Price:	101
Yield to worst:	5.299%
Yield to maturity:	5.342%
Spread:	248 bps
First call:	Make-whole call at Treasuries plus 50 bps until July 15, 2021 then callable at 102.75
Trade date:	Aug. 14
Settlement date:	Aug. 28
Ratings:	Moody's: Ba1
	S&P: BB+
Distribution:	Rule 144A with registration rights
Marketing:	Quick to market
Original issue:	$500 million priced in July 2018

© 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.