86% of Qorvo's 2029 notes and 83% of the 2031s were tendered by Skyworks' early deadline. Holders get $50 per $1,000 in premium for tendering early, plus $950 in new Skyworks notes per $1,000 exchanged.
Skyworks Solutions said 86% of Qorvo's 4.375% senior notes due 2029 were tendered by the early participation deadline, along with 83% of the 3.375% notes due 2031. The exchange is part of Skyworks' financing for its pending acquisition of Qorvo.
Holders who tendered by the June 11 cutoff get $50 per $1,000 in early participation premium on top of the $950 in new Skyworks notes per $1,000 of Qorvo notes exchanged. Those who tender after the deadline get only the base exchange consideration.
The consent payments tied to the tender are small: $2.80 per $1,000 for the 2029s and $2.69 per $1,000 for the 2031s. That is the price of eliminating restrictive covenants in the Qorvo indentures, which Skyworks needs to clear the decks before closing the merger.
Revocation rights for the consents expired at 5 p.m. New York time on June 11. Withdrawal rights for the exchange offers remain open until the September 1 expiration date, though the early participation premium is locked in for those who tendered by the deadline.
The exchange offers are conditioned on the merger closing. The merger itself is not conditioned on the exchange results. Skyworks said it may modify or terminate either offer, and the two note series are independent of each other.
Goldman Sachs is the dealer manager. Global Bondholder Services is the information and exchange agent.
Skyworks is funding the Qorvo acquisition partly with new debt. The exchange lets it replace Qorvo's existing bonds with its own, at the same coupons and maturities, while stripping out the restrictive covenants that would otherwise constrain the combined company.
The 2029 notes carry a 4.375% coupon. The 2031 notes carry 3.375%. Both series are being exchanged at a 95% ratio, meaning holders take a 5% principal haircut in exchange for the new Skyworks paper. The early participation premium brings the effective ratio to par for those who tendered on time.
For the remaining holders who did not tender, the offers remain open through September 1. The settlement date will come after the merger closes, which Skyworks has not yet scheduled.
Skyworks shares trade on the Nasdaq under SWKS. The company is a member of the S&P 500.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.