GREENSBORO — Qorvo, Inc., a Greensboro-based semiconductor company that makes radio-frequency systems, proposes to offer $700 million in senior notes due 2031, the company announced Tuesday.

Qorvo expects to use the proceeds from the offering, along with cash on hand and borrowings, to redeem all of its outstanding 5.5 percent senior notes due 2026.

“The Notes will pay interest semi-annually at a rate of 3.375%,” Qorvo said in a statement. “The Notes will mature on April 1, 2031, unless earlier redeemed in accordance with their terms.  Qorvo expects to close the sale of the Notes on or about September 29, 2020, subject to satisfaction of customary closing conditions.”

In 2019, Qorvo completed an offering of $350 million of its senior notes maturing in 2029. Proceeds from the offering, which was upped from an initial amount of $300 million, were used for “general corporate purposes,” the company said at the time.

Semiconductor firm Qorvo’s CEO sells another $1M in stock

The company recently raised its guidance for the fiscal second quarter, on a jump in broad-based mobile demand for 4G and 5G mobile products. Qorvo now expects to see diluted earnings per share of $2.14 at the midpoint of guidance for the second quarter, upwardly revised from its prior expectations of $1.90. Shares of Qorvo stock jumped after the financial guidance revision.

The company had taken a hit after coronavirus-induced lockdowns across the country, with its share price dipping below $80 in March.

Shares of Qorvo stock were trading at $129.96 Tuesday afternoon, up $7.12, or 5.8 percent.

The full filing with the Securities and Exchange Commission filing can be found here.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism