Qorvo Announces Proposed Offering of Additional $250 Million of 4.375% Senior Notes Due 2029
28 May 2020 - 10:47PM
Qorvo® (Nasdaq: QRVO), a leading provider of innovative RF
solutions that connect the world, today announced that it proposes
to offer, subject to market conditions and other factors, an
additional $250 million principal amount of its 4.375% senior notes
due 2029 (the “Notes”) to persons reasonably believed to be
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”), and to
certain non-U.S. persons in accordance with Regulation S under the
Securities Act. Qorvo previously completed the offering of $350
million principal amount of the Notes on September 30, 2019 and
$200 million principal amount of the Notes on December 20, 2019.
Qorvo expects to use the net proceeds of the offering of additional
Notes for general corporate purposes. The additional Notes will be
senior unsecured obligations of Qorvo and will be initially
guaranteed, jointly and severally, by each of Qorvo’s existing and
future direct and indirect wholly-owned U.S. subsidiaries that
guarantee Qorvo’s obligations under its existing credit facility.
The additional Notes will not be registered under
the Securities Act or any state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from such registration requirements.
This press release shall not constitute an offer to
sell nor a solicitation of an offer to buy the additional Notes or
any other securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Qorvo
Qorvo (Nasdaq:QRVO) makes a better world possible
by providing innovative Radio Frequency (RF) solutions at the
center of connectivity. We combine product and technology
leadership, systems-level expertise and global manufacturing scale
to quickly solve our customers’ most complex technical challenges.
Qorvo serves diverse high-growth segments of large global markets,
including advanced wireless devices, wired and wireless networks
and defense radar and communications. We also leverage unique
competitive strengths to advance 5G networks, cloud computing, the
Internet of Things, and other emerging applications that expand the
global framework interconnecting people, places and things. Visit
www.qorvo.com to learn how Qorvo connects the world.
Qorvo is a registered trademark of Qorvo, Inc. in
the U.S. and in other countries. All other trademarks are the
property of their respective owners.
This press release includes “forward-looking
statements” within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements about our plans, objectives, representations and
contentions, and are not historical facts and typically are
identified by use of terms such as “may,” “will,” “should,”
“could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “continue” and similar words, although some
forward-looking statements are expressed differently. You should be
aware that the forward-looking statements included herein represent
management’s current judgment and expectations, but our actual
results, events and performance could differ materially from those
expressed or implied by forward-looking statements. We do not
intend to update any of these forward-looking statements or
publicly announce the results of any revisions to these
forward-looking statements, other than as is required under U.S.
federal securities laws. Our business is subject to numerous risks
and uncertainties, including those relating to fluctuations in our
operating results; our substantial dependence on developing new
products and achieving design wins; our dependence on a few large
customers for a substantial portion of our revenue; a loss of
revenue if contracts with the United States government or defense
and aerospace contractors are canceled or delayed or if defense
spending is reduced; our dependence on third parties; risks related
to sales through distributors; risks associated with the operation
of our manufacturing facilities; business disruptions resulting
from natural disasters, extreme weather conditions and public
health issues, including the outbreak of COVID-19; poor
manufacturing yields; increased inventory risks and costs due to
timing of customer forecasts; our inability to effectively manage
or maintain evolving relationships with platform providers; risks
from international sales and operations; economic regulation in
China; changes in government trade policies, including imposition
of tariffs and export restrictions; our ability to implement
innovative technologies; underutilization of manufacturing
facilities as a result of industry overcapacity; we may not be able
to borrow funds under our credit facility or secure future
financing; we may not be able to generate sufficient cash to
service all of our debt; restrictions imposed by the agreements
governing our debt; volatility in the price of our common stock;
damage to our reputation or brand; fluctuations in the amount and
frequency of our stock repurchases; our recent acquisitions and
other strategic investments could fail to achieve financial or
strategic objectives; our ability to attract, retain and motivate
key employees; our reliance on our intellectual property portfolio;
claims of infringement of third-party intellectual property rights;
security breaches and other similar disruptions compromising our
information; theft, loss or misuse of personal data by or about our
employees, customers or third parties; warranty claims, product
recalls and product liability; and risks associated with
environmental, health and safety regulations and climate change.
These and other risks and uncertainties, which are described in
more detail in Qorvo’s most recent Annual Report on Form 10-K and
in other reports and statements filed with the Securities and
Exchange Commission, could cause actual results and developments to
be materially different from those expressed or implied by any of
these forward-looking statements.
At Qorvo®
Doug DeLieto
VP, Investor Relations
336-678-7968
Qorvo (NASDAQ:QRVO)
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