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S&P: Fairchild Semiconductor unaffected
Standard & Poor's said Fairchild Semiconductor International Inc.'s (BB-/stable/--) announcement that it intends to call its $350 million of 10½% senior subordinated notes would not have any affect on the ratings or outlook on the company.
Fairchild said it will use $155 million through a new senior term loan, under its newly amended credit facility, and $214 million of cash balances to call the notes.
S&P said the proposed transaction will reduce both leverage and cash balances, although pro forma liquidity is expected to remain adequate.
The transaction will also improve debt-servicing metrics by replacing the notes with a lesser amount of bank debt at a lower interest rate, according to S&P.
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