Cypress Semiconductor Corp. has issued a $100 million term loan and upsized its revolving credit facility by $100 million, instead of issuing $400 million in senior secured debt as it originally proposed. The proceeds from the $100 million term loan will be used to execute a share buyback program. We are affirming our 'BB-' corporate credit rating on the company. We have assigned a 'BB+' issue-level rating and a recovery rating of '1' to the term loan. We have raised the issue-level rating to 'BB+' from 'BB' and have revised the recovery rating to '1' from '2' on the upsized $550 million revolving credit facility. We are also affirming our 'B' issue-level rating with a recovery rating of '6' on
