Moody’s rates Cypress Semiconductor loans Ba3

Moody's Investors Service said it assigned a B1 corporate family rating and B1-PD probability of default rating to Cypress Semiconductor Corp.

Concurrently, the agency placed a Ba3 rating on the company's first-lien credit facilities comprised of an existing $450 million revolving credit facility and a proposed $400 million term loan.

Moody's assigned a speculative grade liquidity rating of SGL-3.

The outlook is stable.

Proceeds from the new debt financing will be used to partially fund the company's stock repurchase program and repay a portion of the current borrowings under the revolving credit facility.

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