Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 30 n° 328

Entegris Announces Refinancing of Senior Secured Credit Facilities

Posted by fidest press agency su giovedì, 8 novembre 2018

Entegris, Inc. (NasdaqGS: ENTG) (the “Company”), a leader in specialty chemicals and advanced materials solutions for the microelectronics industry, today announced that it has closed new senior secured credit facilities totaling $700.0 million (the “Credit Facilities”) and used a portion of the proceeds to repay and terminate its existing secured credit facilities. The Credit Facilities will be senior secured obligations of the Company and will be guaranteed by certain of its subsidiaries. Goldman Sachs Bank USA, Barclays Bank PLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc., PNC Capital Markets LLC and Suntrust Robinson Humphrey, Inc. acted as joint lead arrangers for the Credit Facilities. Goldman Sachs Bank USA will serve as the administrative agent and collateral agent for the lenders under the Credit Facilities.The Credit Facilities consist of a term loan facility totaling $400.0 million and a $300.0 million revolving credit facility. The term loans were fully drawn at closing. No amount was drawn under the revolving credit facility at closing.The term loans bear interest at a rate per annum of, at the Company’s option, either (i) the Base Rate (as defined in the credit agreement) plus an applicable margin of 1.00%, or (ii) the Adjusted Eurodollar Rate (as defined in the credit agreement) plus an applicable margin of 2.00%. The Company’s borrowings pursuant to the revolving line of credit initially bear interest at a rate per annum of, at the Company’s option, either (i) the Base Rate plus an applicable margin of 0.25%, or (ii) the Adjusted Eurodollar Rate plus an applicable margin of 1.25%. Commencing with the completion of the first fiscal quarter ending after the closing, the Company’s borrowings pursuant to the revolving line of credit will bear interest at a rate per annum of, at the Company’s option, either (i) the Base Rate plus an applicable margin of 0.25% to 0.75%, depending on the Company’s senior secured net leverage ratio, or (ii) the Adjusted Eurodollar Rate plus an applicable margin of 1.25% to 1.75%, depending on the Company’s senior secured net leverage ratio.The Company used approximately $109 million of the proceeds of the new term loans to repay and terminate its existing secured credit facilities. The Company may use the remaining proceeds of the new term loans and available capacity under the new revolving credit facility for working capital and other general corporate purposes, including to finance permitted acquisitions and other permitted investments, subject to the terms of the credit agreement.Foley Hoag LLP represented the Company in the transaction, and Cravath, Swaine & Moore LLP represented the joint lead arrangers in the transaction.

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