Qorvo Announces Pricing of $700 Million Senior Notes Offering
September 15 2020 - 5:00PM
Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF
solutions that connect the world, today announced the pricing of
its offering of $700 million principal amount of its senior notes
maturing in 2031 (the “Notes”). The Notes will pay interest
semi-annually at a rate of 3.375%. The Notes will mature on April
1, 2031, unless earlier redeemed in accordance with their
terms. Qorvo expects to close the sale of the Notes on or
about September 29, 2020, subject to satisfaction of customary
closing conditions.
The Notes will be issued to persons reasonably believed to be
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”), and to
certain non-U.S. persons in accordance with Regulation S under the
Securities Act. Qorvo expects to use the net proceeds of the
offering, together with cash on hand and borrowings under its
credit facility, to redeem all of its outstanding 5.50% senior
notes due 2026. The Notes will be senior unsecured obligations of
Qorvo and will be initially guaranteed, jointly and severally, by
each of Qorvo’s existing and future direct and indirect
wholly-owned U.S. subsidiaries that guarantee Qorvo’s obligations
under its credit facility.
The Notes will not be registered under the Securities Act or any
state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Qorvo
Qorvo (Nasdaq: QRVO) makes a better world possible by providing
innovative Radio Frequency (RF) solutions at the center of
connectivity. We combine product and technology leadership,
systems-level expertise and global manufacturing scale to quickly
solve our customers’ most complex technical challenges. Qorvo
serves diverse high-growth segments of large global markets,
including advanced wireless devices, wired and wireless networks
and defense radar and communications. We also leverage unique
competitive strengths to advance 5G networks, cloud computing, the
Internet of Things, and other emerging applications that expand the
global framework interconnecting people, places and things.
Visit www.qorvo.com to learn how Qorvo connects the world.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and
in other countries. All other trademarks are the property of
their respective owners.
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements about our
plans, objectives, representations and contentions, and are not
historical facts and typically are identified by use of terms such
as "may," "will," "should," "could," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential,"
"continue" and similar words, although some forward-looking
statements are expressed differently. You should be aware
that the forward-looking statements included herein represent
management's current judgment and expectations, but our actual
results, events and performance could differ materially from those
expressed or implied by forward-looking statements. We do not
intend to update any of these forward-looking statements or
publicly announce the results of any revisions to these
forward-looking statements, other than as is required under U.S.
federal securities laws. Our business is subject to numerous
risks and uncertainties, including those relating to fluctuations
in our operating results; our substantial dependence on developing
new products and achieving design wins; our dependence on a few
large customers for a substantial portion of our revenue; a loss of
revenue if contracts with the United States government or defense
and aerospace contractors are canceled or delayed or if defense
spending is reduced; the COVID-19 outbreak, which has and will
likely continue to negatively impact the global economy and disrupt
normal business activities, and which may have an adverse effect on
our results of operations; our dependence on third parties; risks
related to sales through distributors; risks associated with the
operation of our manufacturing facilities; business disruptions;
poor manufacturing yields; increased inventory risks and costs due
to timing of customer forecasts; our inability to effectively
manage or maintain evolving relationships with platform providers;
risks from international sales and operations; economic regulation
in China; changes in government trade policies, including
imposition of tariffs and export restrictions; our ability to
implement innovative technologies; underutilization of
manufacturing facilities as a result of industry overcapacity; we
may not be able to borrow funds under our credit facility or secure
future financing; we may not be able to generate sufficient cash to
service all of our debt; restrictions imposed by the agreements
governing our debt; volatility in the price of our common stock;
damage to our reputation or brand; fluctuations in the amount and
frequency of our stock repurchases; our recent and future
acquisitions and other strategic investments could fail to achieve
financial or strategic objectives; our ability to attract, retain
and motivate key employees; our reliance on our intellectual
property portfolio; claims of infringement of third-party
intellectual property rights; security breaches and other similar
disruptions compromising our information; theft, loss or misuse of
personal data by or about our employees, customers or third
parties; warranty claims, product recalls and product liability;
and risks associated with environmental, health and safety
regulations and climate change. Many of the foregoing risks
and uncertainties are, and will continue to be, exacerbated by the
COVID-19 outbreak and any worsening of the global business and
economic environment as a result. These and other risks and
uncertainties, which are described in more detail in Qorvo's most
recent Annual Report on Form 10-K and in other reports and
statements filed with the Securities and Exchange Commission, could
cause actual results and developments to be materially different
from those expressed or implied by any of these forward-looking
statements.
At Qorvo®Doug DeLietoVP, Investor
Relations336-678-7968
Qorvo (NASDAQ:QRVO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Qorvo (NASDAQ:QRVO)
Historical Stock Chart
From Sep 2023 to Sep 2024