Cypress Semiconductor Corp., a global provider of microcontrollers and semiconductor memory products, plans to issue $400 million in new term loans. The proceeds will be used to execute a share buyback program and repay a portion of the company's revolving credit facility outstanding. We are assigning a 'BB-' corporate credit rating to the company. We are assigning a 'BB' issue-level rating with a recovery rating of '2' to the new senior secured facilities as well as the existing $450 million revolving credit facility. We are also assigning a 'B' issue-level rating with a recovery rating of '6' to the company's existing $150 million convertible notes. The stable outlook reflects our view that Cypress' enhanced product portfolio and cost saving opportunities
