S&P assigns NXP notes BBB

S&P said it assigned its BBB rating to senior unsecured notes to be issued by NXP BV, a wholly owned subsidiary of NXP Semiconductors NV. Co-borrowers include NXP Funding LLC and NXP USA Inc.

The notes will guaranteed be by NXP Semiconductors. “All of our other ratings on NXP are unchanged,” S&P said in a press release.

Proceeds will be used for eligible green projects. Pending the allocation of amounts to finance those projects, the proceeds will be temporarily used, with proceeds from the company's other notes issuances totaling $1 billion, for general corporate purposes.

These may include repaying the $1.35 billion of senior unsecured notes due in June 2021, the agency said.

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