Moody's rates NXP notes Baa3

Moody's Investors Service said it rated NXP BV's new tranches of senior unsecured notes due 2025 and 2027 and the senior unsecured notes due 2030, the green notes at Baa3. The outlook is stable.

NXP plans to use a portion of the proceeds to refinance the Senior Notes due 2021 and for general corporate purposes, which may include further debt repayment.

NXP also plans to fund eligible green projects, as defined in the bond indenture, over time in an amount equal to the net proceeds of the new green notes, the agency said.

The issuance would initially raise leverage from 2.9x debt to EBITDA (year ended Dec. 31) to about 3.6x, which would decline to 3.1x upon the redemption of the senior notes due 2021.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.