By Paul A. Harris
Portland, Ore., Dec. 17 – Qorvo Inc. priced an upsized $200 million add-on to its 4 3/8% senior notes due Oct. 15, 2029 (existing ratings Ba1/BB+) at 104.5 in a quick-to-market Tuesday trade, according to market sources.
The issue size increased from $100 million.
The price came at the rich end of the 104 to 104.5 price talk.
BofA Securities Inc. was the lead underwriter.
The Greensboro, N.C.-based semiconductor company plans to use the proceeds, including the incremental proceeds resulting from the $100 million upsizing of the deal, for general corporate purposes.
| Issuer: | Qorvo Inc.
|
| Amount: | $200 million, increased from $100 million
|
| Maturity: | Oct. 15, 2029
|
| Security description: | Add-on to 4 3/8% senior notes due Oct. 15, 2029
|
| Lead: | BofA Securities Inc.
|
| Coupon: | 4 3/8%
|
| Price: | 104.5
|
| First call: | Oct. 15, 2024 at 102.188
|
| Trade date: | Dec. 17
|
| Existing ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 104 to 104.5
|
| Marketing: | Quick to market
|
| Original issue: | $350 million priced in September 2019
|
| Total issue size: | $550 million
|
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