| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Q > Headlines for Qorvo, Inc. > News item |
Qorvo tenders for 6¾% notes due 2023, $150 million 7% notes due 2025
New York, June 15 – Qorvo, Inc. began a cash tender offer for all of its $444,464,000 of 6¾% senior notes due 2023 and $150 million of its $548.5 million of 7% senior notes due 2025, according to a news release.
The company is offering $1,067.50 per $1,000 principal amount for the 6¾% notes and $1,096.25 per $1,000 principal amount for the 7% notes.
Both prices include an early tender premium of $30.00 per $1,000 that will only be paid to holders who tender by the early deadline of 5 p.m. ET on June 28.
The tenders end at 12 a.m. ET on July 14.
In addition, the company will pay accrued interest up to but excluding the settlement date.
Early settlement will take place on June 29 and final settlement on July 16.
Qorvo is also soliciting consents to amend the indenture for the 6¾% notes to eliminate substantially all of the restrictive covenants and certain events of default and modify the notice requirements for redemption.
Notes may not be tendered without consents nor may consents be delivered without tendering.
For the 7% notes, securities tendered before the early deadline will be accepted ahead of those tendered after.
There is no minimum requirement for the offers and the tenders for the two series of notes are independent of each other. The tender does not subject to the necessary consents being received.
However it is a condition that the company have sufficient funds to buy the notes from cash on hand, borrowings under its credit facility or other sources of debt financing.
BofA Merrill Lynch (888 292-0070), Citigroup Global Markets Inc. (800 558-3745) and Wells Fargo Securities, LLC (866 309-6316) are dealer managers and solicitation agents.
Global Bondholder Services Corp. (212 430-3774, 866 470-3700 or contact@gbsc-usa.com) is depositary and information agent.
Qorvo is a Greensboro, N.C. maker of radio-frequency semiconductors.
© 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.