Qorvo amends credit agreement to temporarily increase max leverage ratio

Qorvo, Inc.

Second Amendment temporarily raises max leverage ratio to 4.00x (Q2-Q3 FY24) then 3.50x (Q4 FY24-Q1 FY25), then back to 3.00x.
No outstanding borrowings under the $300M revolver as of June 23, 2023.
Amendment permits up to two additional 0.50x leverage increases for acquisitions ≥$300M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Qorvo, Inc. amended Second Amendment with Bank of America, N.A., as administrative agent, swing line lender and L/C issuer and a syndicate of lenders valued at $300.0 million (effective 2023-06-23).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, swing line lender and L/C issuer and a syndicate of lenders
Value: $300.0 million
Effective: 2023-06-23

Exact text from the filing

On June 23, 2023, Qorvo, Inc. (the “Company”) entered into a second amendment (the “Second Amendment”) to the existing amended and restated credit agreement between the Company, certain material domestic subsidiaries of the Company, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer and a syndicate of lenders providing for a senior revolving line of credit of up to $300.0 million (the “Credit Agreement”).

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Qorvo, Inc. filing history →

Source: SEC EDGAR

accession 0001604778-23-000073

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