Qorvo Bondholders Approve Swap for Skyworks Debt, but Merger Delays Remain a Concern
On September 18, Skyworks Solutions (NASDAQ:SWKS) extended the deadline to swap Qorvo's bonds into new debt until September 25. The majority of bondholders have already agreed—91.25% for Qorvo’s 2029 notes and 93.33% for its 2031 series, indicating strong support for the transaction. However, the swap cannot finalize until after the pending merger between Skyworks and Qorvo (NASDAQ:QRVO) closes. Regulatory approvals are still in progress with no guarantees of a timely close. Delays could lead to further extensions as seen recently. The company has also raised $2 billion for acquisition debt, which will increase interest expenses. Skyworks reported strong third-quarter revenue growth driven by automotive and data center segments but stopped its quarterly dividend payments while launching a new buyback program. Despite this, short interest remains high at 36.38% of the float, signaling skepticism among investors.
Topics: bond_swap Qorvo merger Skyworks financials