Avago Technologies Finance Pte. Ltd. 'BB+' Rating Affirmed On Financing For Broadcom Ltd. Acquisition; New Debt Rated

Avago Technologies Finance Pte. Ltd., a global provider of analog, digital, and mixed signal semiconductor components, is issuing up to $16 billion in first-lien credit facilities to finance a portion of its pending acquisition of Broadcom Corp. for approximately $37 billion (about $17 billion in cash and $20 billion in equity). We are affirming our 'BB+' corporate credit rating on Avago, which we expect will be renamed Broadcom Ltd. upon close of the transaction. We are assigning a 'BBB' issue-level rating and a '1' recovery rating to the proposed first-lien credit facilities. The outlook is stable reflecting our expectation that the combined entity will achieve steady revenue growth and relatively stable margins while maintaining share in its key markets as

...+ Avago Technologies Finance Pte. Ltd., a global provider of analog, digital, and mixed signal semiconductor components, is issuing up to $16 billion in first-lien credit facilities to finance a portion of its pending acquisition of Broadcom Corp. for approximately $37 billion (about $17 billion in cash and $20 billion in equity). + We are affirming our '##+' corporate credit rating on Avago, which we expect will be renamed Broadcom Ltd. upon close of the transaction. + We are assigning a '###' issue-level rating and a '1' recovery rating to the proposed first-lien credit facilities. + The outlook is stable reflecting our expectation that the combined entity will achieve steady revenue growth and relatively stable margins while maintaining share in its key markets as it integrates Broadcom over the coming year. NEW YORK (Standard & Poor's) Nov. 3, 2015--Standard & Poor's Ratings Services today said it affirmed its '##+' corporate credit rating on Singapore-based Avago Technologies Finance...

Ratings Action