S&P rates CEVA notes CCC

Standard & Poor's said it assigned CCC debt and 5 recovery ratings to the proposed junior priority senior secured notes to be issued by CEVA Group plc (CCC+/stable/), the holding company of CEVA Ltd.

The agency said the rating assumes an issue of up to $500 million of notes.

S&P affirmed the senior secured first-lien facilities issued by CEVA at B-, one notch higher than the corporate credit rating. The recovery rating on these facilities is unchanged at 2.

The agency also affirmed the CCC issue rating on CEVA's 11/2-lien, second-lien and senior unsecured notes with 5 recovery rating.

The agency affirmed the senior subordinated notes due 2016 at CCC- with 6 recovery rating.

Proceeds will be used to finance the tender for its $400 million 10% second-lien notes and $210 million-equivalent 12% second-lien notes, both due in 2014.

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