Moody's rates Integrated Device Technology; Ba2 CFR and Baa3 senior secured; outlook stable
New York, March 02, 2017-- Moody's Investors Service assigned Integrated Device Technology a Ba2 Corporate Family rating, a Ba2-PD Probability of Default rating, a Baa3 to the proposed senior secured term loan B, and an SGL-2 Speculative Grade Liquidity rating. The rating outlook is stable. The net proceeds of the new debt issuance, along with balance sheet cash, will be used to fund IDT's $250 million acquisition of GigPeak, Inc., a supplier of optical interconnect and video...Integrated Device Technology designs, develops, manufactures and markets a range of integrated circuits for the communications, computing, consumer and automotive industries. The company has two reportable segments: Communications, which includes clock and timing solutions, flow-control management devices, multi-port products, telecommunications products, as well as high-speed static random access memory; and Computing, Consumer and Industrial, which includes clock generation and distribution products, server memory interfaces, PCI Express switching solutions, power management solutions, signal integrity products, and sensing products for mobile, automotive and industrial solutions.
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