Skyworks (NASDAQ: SWKS) offers $1.55B exchange for Qorvo notes
Skyworks Solutions, Inc. is offering up to $1,550,000,000 of new senior notes in exchange for outstanding Qorvo 4.375% 2029 and 3.375% 2031 notes. The exchange would issue up to $850,000,000 of 4.375% Skyworks 2029 Notes and up to $700,000,000 of 3.375% Skyworks 2031 Notes, with each series matching the corresponding Qorvo notes’ rates, payment dates and maturities.
The transaction includes a consent solicitation with a June 11, 2026 Early Participation Date, an expiration of the Exchange Offers at September 1, 2026, an Exchange Consideration of $950.00 of Skyworks Notes per $1,000 Qorvo principal, an Early Participation Premium of $50.00 of Skyworks Notes, and a Consent Payment ranging from $2.50 to $5.00 per $1,000. The offers are conditioned on SEC effectiveness and the closing of the Mergers with Qorvo.
Positive
- None.
Negative
- None.
Insights
Skyworks proposes a $1.55B note-for-note exchange tied to its planned acquisition of Qorvo.
The exchange would replace Qorvo’s fixed redemption schedules with customary investment-grade terms for two series totaling $1,550,000,000, preserving interest rates and maturities while offering $950 in new Skyworks notes per $1,000 tendered plus consent payments and a $50 early premium.
Execution depends on the Settlement Date occurring after the closing of the Mergers and SEC effectiveness; credit and market reception will hinge on final pro forma leverage and the development of a secondary market for the Skyworks Notes.
The exchange is conditioned on regulatory and transaction milestones and includes irrevocable consents after the Consent Revocation Deadline.
The Consent Solicitations seek majority-holder amendment approvals to remove many restrictive covenants in the Qorvo indentures; consents delivered at or prior to the June 11, 2026 Consent Revocation Deadline become irrevocable once that deadline passes or the supplemental indenture is executed.
Holders should note that Proposed Amendments will apply to non-tendered Qorvo Notes if adopted and the Mergers close; the Exchange Offers are not conditioned on financing but are conditioned on SEC effectiveness and completion of the Mergers.
Key Figures
Key Terms
Consent Solicitation regulatory
Make-whole mechanism financial
Par Call Date financial
Early Participation VOI Number technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What is Skyworks offering in the SWKS exchange for Qorvo notes?
How much will holders receive if they tender Qorvo notes in the SWKS offer?
What are the Consent Payment and Early Participation Premium in the SWKS exchange?
What conditions must be satisfied for SWKS to complete the exchange?
When do consents become irrevocable for the SWKS consent solicitation?
for New Notes Issued by Skyworks Solutions, Inc.
| | | | | | | | | | | | | | | | | | | | | | |
|
Title of Qorvo
Notes |
| |
CUSIP/ISIN No.
|
| |
Principal
Amount Outstanding |
| |
Consent
Payment(1) |
| |
Exchange
Consideration(2) |
| |
Early
Participation Premium(3) |
| | |
Total
Consideration(4) |
| |
|
4.375% Senior Notes
due 2029 |
| |
Registered:
74736KAH4/ US74736KAH41
144A:
74736KAG6 / US74736KAG67
Regulation S:
U7471QAF1 / USU7471QAF10 |
| |
$850,000,000
|
| |
$2.50 to $5.00
in cash
|
| |
$950.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
| |
$50.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
| | |
$1,000 principal
amount of Skyworks 4.375% Senior Notes due 2029 and $2.50 to $5.00 in cash |
| |
|
3.375% Senior Notes due 2031
|
| |
144A:
74736KAJ0 / US74736KAJ07
Regulation S:
U7471QAJ3 / USU7471QAJ32 |
| |
$700,000,000
|
| |
$2.50 to $5.00
in cash
|
| |
$950.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
| |
$50.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
| | |
$1,000 principal
amount of Skyworks 3.375% Senior Notes due 2031 and $2.50 to $5.00 in cash |
| |
| |
ABOUT THIS PROSPECTUS/OFFERS TO EXCHANGE
|
| | | | ii | | |
| |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
| | | | iii | | |
| |
SUMMARY
|
| | | | 1 | | |
| |
THE EXCHANGE OFFERS AND CONSENT SOLICITATIONS
|
| | | | 3 | | |
| |
THE SKYWORKS NOTES
|
| | | | 14 | | |
| |
RISK FACTORS
|
| | | | 17 | | |
| |
USE OF PROCEEDS
|
| | | | 40 | | |
| |
DESCRIPTION OF THE EXCHANGE OFFERS AND CONSENT SOLICITATIONS
|
| | | | 41 | | |
| |
THE PROPOSED AMENDMENTS
|
| | | | 58 | | |
| |
DESCRIPTION OF THE SKYWORKS NOTES
|
| | | | 61 | | |
| |
BOOK-ENTRY ISSUANCE
|
| | | | 77 | | |
| |
U.S. FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | 85 | | |
| |
LEGAL MATTERS
|
| | | | 92 | | |
| |
EXPERTS
|
| | | | 92 | | |
| |
WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION BY REFERENCE
|
| | | | 93 | | |
Commissions
| | | | | | | | | | | |||||||||||||||
|
Title of Qorvo
Notes |
| |
CUSIP/ISIN No.
|
| |
Principal
Amount Outstanding |
| |
Consent
Payment(1) |
| |
Exchange
Consideration(2) |
| |
Early
Participation Premium(3) |
| | |
Total
Consideration(4) |
| | | | |
|
4.375% Senior Notes due 2029
|
| |
Registered:
74736KAH4/ US74736KAH41
144A:
74736KAG6 / US74736KAG67
Regulation S:
U7471QAF1 / USU7471QAF10 |
| |
$850,000,000
|
| |
$2.50 to $5.00
in cash |
| |
$950.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
| |
$50.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
| | |
$1,000 principal
amount of Skyworks 4.375% Senior Notes due 2029 and $2.50 to $5.00 in cash |
| | | | |
|
3.375% Senior Notes due 2031
|
| |
144A:
74736KAJ0 / US74736KAJ07
Regulation S:
U7471QAJ3 / USU7471QAJ32 |
| |
$700,000,000
|
| |
$2.50 to $5.00
in cash |
| |
$950.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
| |
$50.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
| | |
$1,000 principal
amount of Skyworks 3.375% Senior Notes due 2031 and $2.50 to $5.00 in cash |
| | | | |
5260 California Avenue
Irvine, CA 92617
Attention: Corporate Secretary
Telephone: (949) 231-3000.
By Overnight Courier or By Hand
| |
By Facsimile
(For Eligible Institutions only) (212) 430-3775 Attention: Corporate Actions |
| |
65 Broadway — Suite 404
New York, New York 10006 Attention: Corporate Actions |
| |
Banks and Brokers Call:
(212) 430-3774 All Others Call Toll-Free: (855) 654-2015 Email: contact@gbsc-usa.com |
|
65 Broadway — Suite 404
New York, New York 10006
Banks and Brokers Call Collect: (212) 430-3774
All Others Call Toll-Free: (855) 654-2015
200 West Street
New York, New York 10282
Attn: Liability Management Group
Collect: (212) 357-1452
Toll-Free: (800) 828-3182