By Paul A. Harris
Portland, Ore., Sept. 25 – Qorvo, Inc. priced an upsized $350 million issue of 10-year senior notes (Ba1/BB+) at par to yield 4 3/8% in a quick-to-market Wednesday trade, according to market sources.
The issue size was increased from $300 million.
The yield printed at the tight end of yield talk in the 4½% area. Initial guidance had the deal coming to yield in the high 4% area.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were Wells Fargo Securities LLC and Citigroup Global Markets Inc.
The Greensboro, N.C.-based semiconductor company plans to use the proceeds for general corporate purposes.
| Issuer: | Qorvo, Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | Wells Fargo Securities LLC and Citigroup Global Markets Inc.
|
| Co-managers: | MUFG, PNC Capital Markets LLC, BNP Paribas Securities Corp., TD Securities (USA) LLC and BB&T Capital Markets LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 265 bps
|
| First call: | Oct. 15, 2024 at 102.188
|
| Trade date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 4½% area
|
| Marketing: | Quick to market
|
© 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.
