DealsJun 12, 2026, 06:06 AM
Skyworks: Strong Early Participation in Qorvo Notes Exchange Offers
AI Summary
Skyworks Solutions, Inc. announced the early participation results for its exchange offers and consent solicitations related to Qorvo, Inc.'s outstanding Senior Notes due 2029 and 2031. A significant portion of both note series was tendered, with 89.42% of the 2029 notes and 93.05% of the 2031 notes validly tendered. The company also confirmed that requisite consents were received to amend the indentures, eliminating restrictive covenants, though these amendments are contingent on the completion of the merger between Skyworks and Qorvo.
Key Highlights
- Skyworks announces early participation results for exchange offers of Qorvo's Senior Notes due 2029 and 2031.
- 89.42% of the 4.375% Senior Notes due 2029 ($760.1M) and 93.05% of the 3.375% Senior Notes due 2031 ($651.3M) were tendered.
- Consents received are sufficient to adopt proposed amendments to Qorvo's indentures, eliminating restrictive covenants.
- Supplemental indentures have been executed, becoming effective but contingent on the merger closing.
- Holders who tendered by the Early Participation Date will receive Exchange Consideration plus an early participation premium.
- The consent payment for 2029 Qorvo Notes is approx. $2.80 per $1,000 principal; for 2031 Qorvo Notes, it's approx. $2.69 per $1,000.
Price Impact
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