S&P rates Cypress convertibles B+

S&P said it assigned a B+ issue-level rating to Cypress Semiconductor Corp.'s proposed $150 million convertible notes due 2023.

The company will put the proceeds toward repayment of its existing $150 million 2% senior exchangeable notes due 2020.

S&P also affirmed the BB- corporate credit rating on Cypress and BB issue rating on the company's senior secured debt.

“The ratings reflect our view of the company's recent strength across its product portfolio in connectivity, memory and MCUs,” the agency said in a news release.

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