MergerMay 20, 2026, 05:27 PM
Skyworks Commences Exchange Offers for Qorvo Notes Ahead of Merger
AI Summary
Skyworks Solutions, Inc. has initiated exchange offers for Qorvo, Inc.'s outstanding 4.375% Senior Notes due 2029 and 3.375% Senior Notes due 2031. This action is in connection with Skyworks' anticipated acquisition of Qorvo. Holders can exchange their Qorvo Notes for new Skyworks Notes with the same interest rates and maturity dates, and Skyworks is also soliciting consents to amend Qorvo's indentures to remove restrictive covenants. The offers are contingent upon the closing of the merger between Skyworks and Qorvo.
Key Highlights
- Skyworks commenced exchange offers for Qorvo's 4.375% Senior Notes due 2029 and 3.375% Senior Notes due 2031.
- Up to $850,000,000 of 2029 Qorvo Notes and $700,000,000 of 2031 Qorvo Notes are targeted.
- Holders can exchange Qorvo Notes for new Skyworks Notes with identical interest rates and maturity dates.
- Consent solicitations aim to eliminate substantially all restrictive covenants in Qorvo's indentures.
- Early participants receive $1,000 principal of new Skyworks Notes and $2.50-$5.00 cash per $1,000 Qorvo Notes.
- The offers are conditioned upon the closing of the Skyworks-Qorvo merger.
- The Early Participation Date is June 11, 2026, and the Expiration Date is September 1, 2026.
Price Impact
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