Skyworks Issues $778 Million Of 2029 Notes And $647 Million Of 2031 Notes To Retire Most Of Qorvo's Bonds
An 8-K shows Qorvo's public bondholders now hold Skyworks paper with matching coupons and maturities, while small slices of the old notes remain.
Skyworks Solutions closed its exchange offers on Wednesday, issuing $778,096,000 of new 4.375% notes due 2029 and $646,805,000 of new 3.375% notes due 2031, an 8-K shows. The swap moves most of Qorvo's public debt onto the parent's balance sheet.
What the 8-K says
Holders tendered, and Skyworks accepted, $779,384,000 of Qorvo's 2029 notes and $647,096,000 of its 2031 notes. Those notes will be retired and canceled and will not be reissued.
After the cancellation, $70,616,000 of the 2029 notes and $52,904,000 of the 2031 notes stay outstanding. The offers, as extended, expired at 5:00 p.m. New York City time on October 5 and are closed to further participation.
Skyworks had authorized up to $850 million of new 2029 notes for the exchange and up to $700 million of 2031 notes. The amounts actually issued came in below both ceilings. The offers also paid cash for consent solicitations, which asked holders to approve amendments to the Qorvo indentures (the contracts governing the bonds).
The offers ran under a registration statement declared effective on May 29, 2026.
What it changes for holders
The new notes are senior unsecured obligations of Skyworks. The filing says they rank behind the company's secured debt to the extent of the assets securing it, and behind all obligations of its subsidiaries, because no subsidiary is on the hook for them.
The 2029 notes carry a 4.375% coupon and mature October 15, 2029. The 2031 notes carry 3.375% and mature April 1, 2031.
Under the Fourth Supplemental Indenture, the 2029 notes can be redeemed early at a make-whole price. Holders can demand repurchase at 101% of principal if a change of control coincides with a downgrade below investment grade.
The exhibit recites that Skyworks completed a two-step merger under an agreement dated October 27, 2025. Qorvo first became a wholly owned subsidiary, then merged into a Skyworks subsidiary. Skyworks shares closed Wednesday at $83.43, up 0.77%, in market data from 4:16 p.m. ET.
What to watch
Per the indenture, the first semiannual interest payment on the new 2029 notes falls on October 15, 2026.
The Qorvo notes left outstanding, $70,616,000 of 2029s and $52,904,000 of 2031s, are the only pieces of that public debt not yet swapped.
Sources
- 8-K Filing — SKYWORKS SOLUTIONS, INC. (SWKS) — SEC EDGAR
- Exhibit tm2626934d2_ex4-1.htm — SKYWORKS SOLUTIONS, INC. 8-K exhibit — SEC EDGAR
- Skyworks Solutions (SWKS) Stock Gets Fair Value Bump As Qorvo Deal Views Split Analysts — Yahoo Finance
