Skyworks: Qorvo Note Exchange Offers See High Participation
Skyworks Solutions announced the results of its exchange offers and consent solicitations for Qorvo's 2029 and 2031 Senior Notes. As of the Early Participation Date, 89.42% of the 2029 Qorvo Notes ($760.095 million) and 93.05% of the 2031 Qorvo Notes ($651.334 million) were validly tendered. Skyworks received the necessary consents to adopt proposed amendments to the indentures governing both series of Qorvo Notes, which will eliminate substantially all restrictive covenants. The amendments will become operative upon the closing of the merger of Qorvo into a Skyworks subsidiary or the settlement of the exchange offer. Eligible holders will receive consent payments of approximately $2.80 and $2.69 per $1,000 principal amount for the 2029 and 2031 notes, respectively. The Exchange Offers are set to expire on September 1, 2026.
Key Highlights
- 89.42% ($760.095M) of 2029 Qorvo Notes tendered by Early Participation Date.
- 93.05% ($651.334M) of 2031 Qorvo Notes tendered by Early Participation Date.
- Skyworks received requisite consents to amend Qorvo note indentures.
- Consent payment for 2029 notes: ~$2.80 per $1,000 principal amount.
- Consent payment for 2031 notes: ~$2.69 per $1,000 principal amount.
- Exchange Offers expire on September 1, 2026.
- Proposed amendments become operative upon merger closing or exchange offer settlement.
Price Impact
More from SWKS