Qualcomm Enters New Deal, Terminates Another

TL;DR

Qualcomm just signed a new deal and ditched an old one, plus took on new debt. Big moves happening.

AI Summary

On August 8, 2024, QUALCOMM Incorporated entered into a material definitive agreement and simultaneously terminated another. The company also incurred a direct financial obligation. Specific details of these agreements and obligations are not fully disclosed in this initial filing, but they represent significant changes in the company's contractual and financial standing.

Why It Matters

This filing indicates significant shifts in Qualcomm's contractual and financial obligations, which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — The filing indicates material definitive agreements and new financial obligations, which inherently carry risks that are not fully detailed in this initial report.

Key Players & Entities

• QUALCOMM Incorporated (company) — Registrant
• Delaware (company) — State of incorporation
• August 8, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value QCOM The Nasdaq Stock Market
• $4.0 billion — rms of the Credit Agreement provide for $4.0 billion in aggregate amount of commitments for

Filing Documents

• qcom-20240808.htm (8-K) — 37KB
• qcom080824ex101.htm (EX-10.1) — 1149KB
• 0000804328-24-000061.txt ( ) — 1482KB
• qcom-20240808.xsd (EX-101.SCH) — 2KB
• qcom-20240808_lab.xml (EX-101.LAB) — 21KB
• qcom-20240808_pre.xml (EX-101.PRE) — 12KB
• qcom-20240808_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Revolving Credit Facility On August 8, 2024, QUALCOMM Incorporated (the "Company") entered into a Credit Agreement (the "Credit Agreement"), among the Company, the lenders party thereto, the letter of credit issuers party thereto and Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer. The Credit Agreement replaces the Company's existing Credit Agreement, dated as of December 8, 2020, among the Company, the lenders party thereto, the letter of credit issuers party thereto and Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer (the "Existing Credit Agreement"). The terms of the Credit Agreement provide for $4.0 billion in aggregate amount of commitments for senior unsecured revolving loans which will mature on August 8, 2029, unless otherwise extended in accordance with the terms of the Credit Agreement. The Credit Agreement provides that the Company may obtain, subject to the satisfaction of customary conditions, loans in U.S. Dollars or alternate currencies, including Euros, Pounds Sterling and Yen. Proceeds from any borrowings under the Credit Agreement may be used for working capital, capital expenditures and other general corporate purposes. The Credit Agreement is unsecured and is not guaranteed by any subsidiary of the Company. Loans under the Credit Agreement will bear interest, at the option of the Company, at either the Term SOFR Rate (determined in accordance with the Credit Agreement) plus an initial margin of 0.81% per annum or the Base Rate (determined in accordance with the Credit Agreement) plus an initial margin of 0.00% per annum. The Credit Agreement has a facility fee, which will initially accrue at a rate of 0.065% per annum, on the actual daily amount of the aggregate commitments of the lenders in respect to the Credit Agreement. The applicable margin over the Term SOFR Rate and the Base Rate, as well

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. In connection with the entry into the Credit Agreement, the Company terminated all remaining commitments of the lenders under the Existing Credit Agreement, which were previously scheduled to expire on December 8, 2025. There were no outstanding borrowings under the Existing Credit Agreement at the time of such termination. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 above with respect to the Credit Agreement is hereby incorporated by reference into this Item 2.03 insofar as it relates to the creation of a direct financial obligation of the Company.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 10.1 Credit Agreement among QUALCOMM Incorporated, the lenders party thereto, the letter of credit issuers party thereto and Bank of America, N.A., as a dministrative a gent, swing line lender and a letter of credit issuer, dated as of August 8 , 2024. 104 Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. QUALCOMM Incorporated Date: August 9, 2024 By: /s/ Akash Palkhiwala Akash Palkhiwala Chief Financial Officer and Chief Operating Officer

View Full Filing

View this 8-K filing on SEC EDGAR