Skyworks said holders of Qorvo’s 2029 and 2031 senior notes had tendered the vast majority of each issue by the early participation deadline, clearing the consent threshold needed to amend the indentures.
For the 4.375% senior notes due 2029, $760.095 million of the $850 million outstanding had been validly tendered and not withdrawn by 5:00 p.m. New York time on June 11, 2026, equal to 89.42% of the issue. For the 3.375% senior notes due 2031, $651.334 million of the $700 million outstanding had been tendered, equal to 93.05%.
Skyworks said it had received the requisite consents for both series as of the consent revocation deadline. On June 11, Qorvo entered into supplemental indentures for each series, immediately making the amendments binding between Qorvo, the subsidiary guarantors and the trustee, though the changes will not become operative until the mergers close or the exchange offers settle, depending on the series.
The consent payment for the 2029 notes was set at about $2.80 per $1,000 principal amount tendered by the deadline. The consent payment for the 2031 notes was set at about $2.69 per $1,000.
Holders who tendered by the early participation date and are accepted for exchange will receive $950 in new Skyworks notes plus a $50 early participation premium per $1,000 principal amount. Holders who tender after the early participation date but before the expiration date will receive only the $950 exchange consideration.
The exchange offers are scheduled to expire at 5:00 p.m. New York time on September 1, 2026, unless extended. Settlement is expected no earlier than the second business day after the merger closing. Today the company's shares have moved 1.33% to a price of $73.695. If you want to know more, read the company's complete 8-K report here.
