S&P rates Infineon hybrids BB+

S&P said it assigned a BB+ rating to two tranches of hybrid notes Infineon Technologies AG plans to offer.

Proceeds will be used to partly finance Infineon’s acquisition of Cypress Semiconductor Corp.

The subordinated notes have no maturity date and carry a fixed interest rate until the first reset date.

S&P said it expects the amount of hybrid notes will not exceed 15% of the Infineon’s capitalization in the next five years.

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