Cypress launches $427.5 million term loan B at Libor plus 275-300 bps

By Sara Rosenberg

New York, July 12 – Cypress Semiconductor Corp. launched on Wednesday its $427.5 million senior secured term loan B due July 5, 2021 with price talk of Libor plus 275 basis points to 300 bps with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 5% per annum through Dec. 31, 2019 and 7.5% per annum thereafter, the source said.

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are the leads on the deal.

Proceeds will be used to reprice an existing term loan B from Libor plus 375 bps with a 0% Libor floor.

Consents/commitments are due at noon ET on July 19, the source added.

Cypress is a San Jose, Calif.-based manufacturer of mixed-signal integrated circuits.

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