Qorvo® Announces Closing of $500 Million Senior Notes Offering
December 14 2021 - 11:22AM
Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF
solutions that connect the world, today announced the completion of
its offering of $500 million principal amount of its senior notes
maturing in 2024 (the “Notes”). The Notes will pay interest
semi-annually at a rate of 1.750%. The Notes will mature on
December 15, 2024, unless earlier redeemed in accordance with their
terms.
The Notes were 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 has used a portion of the net proceeds of the
offering to repay all of its term loan and will use the remainder
of the net proceeds of the offering for general corporate purposes.
The Notes are senior unsecured obligations of Qorvo and are
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 have not been 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 QorvoQorvo (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 several large customers for a substantial portion
of our revenue; the COVID-19 pandemic materially and adversely
affecting our financial condition and results of operations; a loss
of revenue if defense and aerospace contracts are canceled or
delayed; 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; our ability to
continue to innovate in a very competitive industry;
underutilization of manufacturing facilities as a result of
industry overcapacity; unfavorable changes in interest rates,
pricing of certain precious metals, utility rates and foreign
currency exchange rates; our acquisitions and other strategic
investments failing to achieve financial or strategic objectives;
our ability to attract, retain and motivate key employees; warranty
claims, product recalls and product liability; changes in our
effective tax rate; changes in the favorable tax status of certain
of our subsidiaries; enactment of international or domestic tax
legislation, or changes in regulatory guidance; risks associated
with environmental, health and safety regulations and climate
change; risks from international sales and operations; economic
regulation in China; changes in government trade policies,
including imposition of tariffs and export restrictions; we may not
be able to generate sufficient cash to service all of our debt;
restrictions imposed by the agreements governing our debt; 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; provisions in our governing
documents and Delaware law may discourage takeovers and business
combinations that our stockholders might consider to be in their
best interests; and volatility in the price of our common stock.
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®: |
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Doug DeLieto |
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VP, Investor Relations |
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336-678-7968 |
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