MSCC - 828151

YHD - YHD Delayed Price. Currency in USD
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  • Moody's

    Microchip Technology Inc. -- Moody's affirms Ba1 CFR of Microchip; outlook stable

    Moody's Investors Service ("Moody's") affirmed the Ba1 corporate family rating and Baa3 senior secured rating of Microchip Technology Inc. ("Microchip") following the company's announcement that it has agreed to exchange $615 million in aggregate principal amount of senior unsecured convertible notes and fund the cash portion of the exchange with a $615 million, 364-day senior secured bridge term loan facility. Although the transaction is leverage neutral, Moody's views the transaction as credit negative since it increases near term maturities and results in an increase in the proportion of secured debt in the capital structure.