Skyworks (SWKS) to exchange up to $1.55B of notes for Qorvo debt in merger deal
Skyworks Solutions, Inc. is offering to exchange outstanding Qorvo 4.375% 2029 and 3.375% 2031 notes for up to $1,550,000,000 aggregate principal amount of newly issued Skyworks Notes, concurrently soliciting consents to amend the Qorvo indentures and conditioned on the consummation of the mergers.
The exchange package includes an Exchange Consideration of $950.00 principal amount of Skyworks Notes per $1,000 principal amount of Qorvo Notes accepted, a potential Consent Payment ranging from $2.50 to $5.00 per $1,000, and an Early Participation Premium of $50.00 per $1,000. The offers expire on September 1, 2026 unless extended and the Settlement Date is expected to be promptly after expiration and no earlier than the second business day after the closing of the Mergers.
Positive
- None.
Negative
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Insights
Transaction ties Exchange Offers to closing of the Mergers and indenture amendments.
The Exchange Offers are conditioned on the consummation of the Mergers and effectiveness of this registration statement; Skyworks also seeks consents to amend the Qorvo indentures to remove many covenants. The Proposed Amendments require a majority in principal amount of each series of Qorvo Notes.
The offers incorporate mechanics (Consent Payment, Early Participation Premium, VOI numbers) that favor early tendering and include irrevocability after the Consent Revocation Deadline of June 11, 2026. Legal risk centers on satisfying regulatory closing conditions and the ability to secure consents sufficient to effect the Proposed Amendments.
Skyworks would assume up to $1.55B of senior unsecured notes via exchange, increasing its unsecured debt load pro forma.
The prospectus discloses up to $850M of 2029 notes and $700M of 2031 notes to be issued, with Skyworks pro forma as of April 3, 2026 showing approximately $4.79B of unsecured, unsubordinated indebtedness. The Skyworks Notes will be senior unsecured obligations, structurally subordinated to subsidiary liabilities.
Credit considerations include the additional unsecured debt and the contingent nature of distribution mechanics (Consent Payment formula and Early Participation Premium). Rating and liquidity effects are identified as risks in the filing; market reaction will depend on completed financing, regulatory approvals and integration outcomes.
Key Figures
Key Terms
Consent Payment financial
Early Participation VOI Number technical
Early Participation Premium financial
Par Call Date financial
Make-whole financial
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
UNDER
THE SECURITIES ACT OF 1933
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Delaware
(State or other jurisdiction of
incorporation or organization) |
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3674
(Primary Standard Industrial
Classification Code Number) |
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04-2302115
(I.R.S. Employer
Identification No.) |
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Irvine, California 92617
Telephone: (949) 231-3000
Senior Vice President, General Counsel and Secretary
Skyworks Solutions, Inc.
5260 California Avenue
Irvine, California 92617
(949) 231-3000
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P. Michelle Gasaway, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP 2000 Avenue of the Stars Suite 200N Los Angeles, California 90067 (213) 687-5000 |
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Andrew J. Pitts, Esq.
Kelly M. Smercina, Esq. Cravath, Swaine & Moore LLP Two Manhattan West 375 Ninth Avenue New York, New York 10001 (212) 474-1000 |
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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for New Notes Issued by Skyworks Solutions, Inc.
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Title of Qorvo
Notes |
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CUSIP/ISIN No.
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Principal
Amount Outstanding |
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Consent
Payment(1) |
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Exchange
Consideration(2) |
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Early
Participation Premium(3) |
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Total
Consideration(4) |
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4.375% Senior Notes
due 2029 |
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Registered:
74736KAH4/ US74736KAH41
144A:
74736KAG6 / US74736KAG67
Regulation S:
U7471QAF1 / USU7471QAF10 |
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$850,000,000
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$2.50 to $5.00
in cash
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$950.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
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$50.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
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$1,000 principal
amount of Skyworks 4.375% Senior Notes due 2029 and $2.50 to $5.00 in cash |
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3.375% Senior Notes due 2031
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144A:
74736KAJ0 / US74736KAJ07
Regulation S:
U7471QAJ3 / USU7471QAJ32 |
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$700,000,000
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$2.50 to $5.00
in cash
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$950.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
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$50.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
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$1,000 principal
amount of Skyworks 3.375% Senior Notes due 2031 and $2.50 to $5.00 in cash |
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ABOUT THIS PROSPECTUS/OFFERS TO EXCHANGE
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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SUMMARY
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THE EXCHANGE OFFERS AND CONSENT SOLICITATIONS
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THE SKYWORKS NOTES
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RISK FACTORS
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USE OF PROCEEDS
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DESCRIPTION OF THE EXCHANGE OFFERS AND CONSENT SOLICITATIONS
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THE PROPOSED AMENDMENTS
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DESCRIPTION OF THE SKYWORKS NOTES
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BOOK-ENTRY ISSUANCE
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U.S. FEDERAL INCOME TAX CONSIDERATIONS
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LEGAL MATTERS
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EXPERTS
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WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION BY REFERENCE
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Commissions
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Title of Qorvo
Notes |
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CUSIP/ISIN No.
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Principal
Amount Outstanding |
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Consent
Payment(1) |
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Exchange
Consideration(2) |
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Early
Participation Premium(3) |
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Total
Consideration(4) |
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4.375% Senior Notes due 2029
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Registered:
74736KAH4/ US74736KAH41
144A:
74736KAG6 / US74736KAG67
Regulation S:
U7471QAF1 / USU7471QAF10 |
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$850,000,000
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$2.50 to $5.00
in cash |
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$950.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
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$50.00 principal
amount of Skyworks 4.375% Senior Notes due 2029 |
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$1,000 principal
amount of Skyworks 4.375% Senior Notes due 2029 and $2.50 to $5.00 in cash |
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3.375% Senior Notes due 2031
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144A:
74736KAJ0 / US74736KAJ07
Regulation S:
U7471QAJ3 / USU7471QAJ32 |
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$700,000,000
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$2.50 to $5.00
in cash |
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$950.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
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$50.00 principal
amount of Skyworks 3.375% Senior Notes due 2031 |
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$1,000 principal
amount of Skyworks 3.375% Senior Notes due 2031 and $2.50 to $5.00 in cash |
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5260 California Avenue
Irvine, CA 92617
Attention: Corporate Secretary
Telephone: (949) 231-3000.
By Overnight Courier or By Hand
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By Facsimile
(For Eligible Institutions only) (212) 430-3775 Attention: Corporate Actions |
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65 Broadway — Suite 404
New York, New York 10006 Attention: Corporate Actions |
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Banks and Brokers Call:
(212) 430-3774 All Others Call Toll-Free: (855) 654-2015 Email: contact@gbsc-usa.com |
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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
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Incorporated by Reference
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Exhibit
No. |
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Exhibit Description
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Form
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Date
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Number
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Filed
Herewith |
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| 2.1 | | | Agreement and Plan of Merger, dated as of July 28, 2025, by and among Skyworks, Merger Sub I, Merger Sub II, and Qorvo^ | | | 8-K | | | 10/28/2025 | | | 2.1 | | | | |
| 3.1 | | |
Restated Certificate of Incorporation of Skyworks, as amended
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| | 10-K | | | 10/3/2025 | | | 3.1 | | | | |
| 3.2 | | |
Fourth Amended and Restated By-laws of Skyworks
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| | 8-K | | | 5/12/2023 | | | 3.2 | | | | |
| 4.1 | | | Form of Indenture between Skyworks and U.S. Bank Trust Company, National Association, as trustee | | | | | | | | | | | |
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| 4.2 | | | Form of First Supplemental Indenture between Skyworks and U.S. Bank Trust Company, National Association, as trustee, relating to the 4.375% Senior Notes due 2029 | | | | | | | | | | | |
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| 4.3 | | | Form of Global 4.375% Senior Note due 2029 (included in Exhibit 4.2) | | | | | | | | | | | |
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| 4.4 | | |
Form of Second Supplemental Indenture between Skyworks and U.S. Bank Trust Company, National Association, as trustee, relating to the 3.375% Senior Notes due 2031
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X
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| 4.5 | | |
Form of Global 3.375% Senior Note due 2031 (included in Exhibit 4.4)
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X
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| 4.6 | | |
Indenture, dated as of May 26, 2021, by and between the Company and U.S. Bank National Association
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| | 8-K | | | 5/26/2021 | | | 4.1 | | | | |
| 4.7 | | |
Second Supplemental Indenture, dated as of May 26, 2021, by and between the Company and U.S. Bank National Association
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| | 8-K | | | 5/26/2021 | | | 4.3 | | | | |
| 4.8 | | |
Third Supplemental Indenture, dated as of May 26, 2021, by and between the Company and U.S. Bank National Association
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| | 8-K | | | 5/26/2021 | | | 4.4 | | | | |
| 4.9 | | |
Indenture, dated as of September 30, 2019, among Qorvo, Inc., the Guarantors party thereto and Computershare Trust Company, N.A., as Successor Trustee to MUFG Union Bank, N.A.
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X
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| 4.10 | | |
Supplemental Indenture, dated as of December 20, 2019, among Qorvo, Inc., the Guarantors party thereto and Computershare Trust Company, N.A., as Successor Trustee to MUFG Union Bank, N.A.
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X
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| 4.11 | | |
Second Supplemental Indenture, dated as of June 11, 2020, among Qorvo, Inc., the Guarantors party thereto and Computershare Trust Company, N.A., as Successor Trustee to MUFG Union Bank, N.A.
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X
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| 4.12 | | | Form of Third Supplemental Indenture, among Qorvo, Inc., the Guarantors party thereto and Computershare Trust Company, N.A., as Successor Trustee to MUFG Union Bank, N.A. | | | | | | | | | | | |
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Incorporated by Reference
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Exhibit
No. |
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Exhibit Description
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Form
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Date
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Number
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Filed
Herewith |
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| 4.13 | | |
Indenture, dated as of September 29, 2020, among Qorvo, Inc., the Guarantors and Computershare Trust Company, N.A., as Successor Trustee to MUFG Union Bank, N.A.
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X
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| 4.14 | | | Form of First Supplemental Indenture, among Qorvo, Inc., the Guarantors party thereto and Computershare Trust Company, N.A., as Successor Trustee to MUFG Union Bank, N.A. | | | | | | | | | | | |
X
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| 5.1 | | |
Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
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| 23.1 | | | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1) | | | | | | | | | | | |
X
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| 23.2 | | |
Consent of KPMG LLP, independent registered public accounting firm of Skyworks
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X
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| 23.3 | | |
Consent of Ernst & Young LLP, independent registered public accounting firm of Qorvo
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X
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| 24.1 | | |
Power of Attorney (included on the signature page of this registration statement and incorporated herein by reference)
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X
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| 25.1 | | |
Statement of Eligibility on Form T-1 of trustee under the Indenture.
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| 107 | | |
Filing Fee Table
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Title: President and Chief Executive Officer
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Signature
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Title
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Date
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/s/ Philip G. Brace
Philip G. Brace
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President; Chief Executive Officer, and Director
(Principal Executive Officer) |
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May 20, 2026
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/s/ Philip Carter
Philip Carter
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Chief Financial Officer and Senior Vice President
(Principal Financial and Accounting Officer) |
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May 20, 2026
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/s/ Christine King
Christine King
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| | Director, Chairman of the Board | | |
May 20, 2026
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/s/ Alan S. Batey
Alan S. Batey
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| | Director | | |
May 20, 2026
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/s/ Kevin L. Beebe
Kevin L. Beebe
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| | Director | | |
May 20, 2026
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/s/ Eric J. Guerin
Eric J. Guerin
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| | Director | | |
May 20, 2026
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/s/ Suzanne E. McBride
Suzanne E. McBride
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| | Director | | |
May 20, 2026
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/s/ David P. McGlade
David P. McGlade
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| | Director | | |
May 20, 2026
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/s/ Robert A. Schriesheim
Robert A. Schriesheim
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| | Director | | |
May 20, 2026
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/s/ Maryann Turcke
Maryann Turcke
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| | Director | | |
May 20, 2026
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