Cypress Semiconductor Corp.'s Proposed Senior Convertible Debt Assigned 'B+' Rating

S&P Global Ratings assigned its 'B+' issue-level rating to Cypress Semiconductor Corp.'s proposed $150 million convertible notes due 2023. Proceeds will repay the company's existing $150 million 2% senior exchangeable notes due 2020. At the same time, we affirmed our 'BB-' corporate credit rating on Cypress and 'BB' issue rating on Cypress' senior secured debt. SAN FRANCISCO (S&P Global Ratings) Nov. 6, 2017--S&P Global Ratings today assigned its 'B+' issue-level rating to Cypress Semiconductor Corp.'s proposed $150 million convertible notes due 2023. The company will put the proceeds toward repayment of its existing $150 million 2% senior exchangeable notes due 2020. The in-the-money component of the existing converts will be settled in equity, resulting in limited reduction in Cypress' liquidity.

...+ S&P Global Ratings assigned its 'B+' issue-level rating to Cypress Semiconductor Corp.'s proposed $150 million convertible notes due 2023. + Proceeds will repay the company's existing $150 million 2% senior exchangeable notes due 2020. + At the same time, we affirmed our '##-' corporate credit rating on Cypress and '##' issue rating on Cypress' senior secured debt. SAN FRANCISCO (S&P Global Ratings) Nov. 6, 2017--S&P Global Ratings today assigned its 'B+' issue-level rating to Cypress Semiconductor Corp.'s proposed $150 million convertible notes due 2023. The company will put the proceeds toward repayment of its existing $150 million 2% senior exchangeable notes due 2020. The in-the-money component of the existing converts will be settled in equity, resulting in limited reduction in Cypress' liquidity. We also affirmed our '##-/Stable/--' corporate credit rating on Cypress and our '##' issue rating on the company's senior secured debt. The ratings reflect our view of the company's recent...

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