...NEW YORK (S&P Global Ratings) Jan. 11, 2017--S&P Global Ratings today assigned its '###-' issue-level ratings to Singapore-based Broadcom Ltd.'s new senior unsecured notes (to be issued by Broadcom Corp. and Broadcom Cayman Finance Ltd.). At the same time, we are raising our issue-level ratings on the former Broadcom unsecured notes totaling about $140 million (outstanding) to '###-' from '##+'. As of Oct. 31, 2016, Broadcom Ltd. had a term loan A balance of about $7.1 billion and term loan B-3 balance of about $6.6 billion. The company intends to use the net proceeds of the notes offering to repay the entire term loan B-3 and a portion of term loan A. As stipulated in the existing credit agreement, collateral on the secured loans will be released upon the full repayment of the secured term loan B. As such, upon completion of the proposed refinance, we expect the company to have an entirely unsecured capital structure. We also expect all debt issues to have pari passu status through placement...
