...NEW YORK (Standard & Poor's) May 28, 2015--Standard & Poor's Ratings Services said today that Singapore-based semiconductor manufacturer Avago Technologies Finance Pte. Ltd.'s announcement that it intends to acquire Irvine, Calif.-based semiconductor company Broadcom Corp. for approximately $37 billion has no immediate impact on our ratings or outlook on Avago. The combination of the two entities will carry the Broadcom name at closing, which is expected in the first calendar quarter of 2016. The company expects to fund the transaction with a combination of newly issued equity and about $8 billion of cash on balance sheet from both companies. It also expects to issue approximately $15.5 billion of secured term facilities for the transaction, $6.5 billion of which will be used to refinance existing Avago and Broadcom debt. We view the merger as enhancing to Avago's existing competitive position, as the combined company will have significantly larger scale, with pro forma annual revenue of...
