Qorvo to price $170 million tap of 5½% notes due 2026 on Thursday; initial talk 101

By Paul A. Harris

Portland, Ore., Feb. 28 – Qorvo plans to price a $170 million add-on to its 5½% senior notes due July 15, 2026 (Ba1/BB+) in a quick-to-market Thursday trade, market sources say.

Initial price talk has the deal coming at 101.

BofA Merrill Lynch is leading the Rule 144A and Regulation S offering.

The notes feature a make-whole call at Treasuries plus 50 basis points until July 15, 2021 after which they become callable at 102.75.

The Greensboro, N.C.-based provider core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications plans to use the proceeds for general corporate purposes.

The original $500 million issue price in July 2018. A previous $130 million add-on priced in August 2018.

The new add-on notes will immediately become fungible with the outstanding notes.

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