Global electronics components and solutions provider Molex Electronic Technologies LLC is planning to issue $1 billion of five- and 10-year senior unsecured notes. The company stated that it will use the net proceeds to partially repay its unsecured revolver. In conjunction with the notes offering, the company will reduce its revolver commitment to $1.5 billion from $2.2 billion. We expect the impact from the transaction to be leverage neutral and the debt issuance does not affect our assessment of the company's financial risk profile. Currently, the company's leverage is about 2.4x and we expect the company to maintain leverage below 3x. We are assigning our 'BBB' issue-level rating to the proposed senior unsecured notes. In addition, we are affirming our
