Moody’s raises NXP notes, rates new notes Ba1

Moody's Investors Service said it rated NXP BV's new senior notes due 2022 at Ba1 and upgraded the existing senior unsecured notes to Ba1 from Ba2.

The agency also affirmed the Ba1 corporate family rating and the Baa2 rating on the secured credit facility.

The Ba2 rating of the cash convertible notes of NXP Semiconductors NV was affirmed.

The outlook remains positive.

Proceeds from the $1 billion senior notes will be used to repay the $960 million Freescale Semiconductor, Inc. senior secured notes due 2022.

Moody’s said the upgrade of the senior unsecured rating to Ba1 reflects its expectation that NXP will use the $1 billion of proceeds from the new senior notes to repay the Freescale senior secured notes due 2022, which will reduce NXP's senior secured debt and result in a greater share of unsecured debt in the capital structure.

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