Cypress Semiconductor Corp., a global provider of microcontrollers and semiconductor memory products, plans to issue a $700 million senior secured term loan B, which it will use for the $550 million acquisition of Broadcom's wireless Internet of things (IoT) business, and a payment of more than $100 million toward the company's existing senior secured revolver debt. We are affirming the 'BB-' corporate credit rating on Cypress Semiconductor Corp. and revising the outlook to negative from stable. We are assigning our 'BB-' issue-level rating and '3' recovery rating to the company's proposed $700 million senior secured term loan B. We are lowering the issue-level rating on the company's existing $100 million term loan A and $540 million revolving credit facility to
