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S&P puts Cypress on positive watch
S&P said it placed the BB+ issuer credit rating on Cypress Semiconductor Corp. on CreditWatch with positive implications.
The agency also said it placed the BBB- rating on the company's secured debt and BB issue-level rating on its unsecured debt on CreditWatch with positive implications.
The agency said it will resolve the CreditWatch placement once the transaction closes.
S&P also said it plans to withdraw the issuer credit rating on Cypress Semiconductor.
Cypress Semiconductor has agreed to be acquired by Infineon Technologies AG for an enterprise value of about $10 billion, the agency said.
As part of the transaction, all outstanding debt at Cypress, including its senior secured debt and convertible debt, will be repaid, S&P said.
This is viewed as a friendly acquisition, but it still must go through the standard regulatory review process, the agency said.
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