Entegris, Inc. Announces Pricing of Private Offering of Senior Unsecured Notes

About this update from Entegris, Inc.

[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nEntegris, Inc. (Nasdaq: ENTG) (“Entegris”) today announced that its wholly-owned subsidiary, Entegris Escrow Corporation (the “Escrow Issuer”) priced its previously announced private offering of $895,000,000 aggregate principal amount of 5.950% senior unsecured notes due 2030 at a price of $908.32 per $1,000 principal amount. Proceeds to Entegris (after giving effect to applicable credits but not underwriting discounts) are expected to be approximately $878,000,000. The offering is expected to close on June 30, 2022, subject to customary closing conditions.\n\nEntegris intends to use the net proceeds from the offering, together with the net proceeds of its previously announced offering of senior secured notes, borrowings under its previously announced senior secured first lien term loan B facility (the “term loan facility”), borrowings under a new senior unsecured 364-day bridge term loan facility and cash on hand, to (a) finance a portion of the cash consideration for the previously announced merger of Yosemite Merger Sub, Inc., a wholly-owned subsidiary of Entegris, with and into CMC Materials, Inc. (“CMC”) (the “Merger”), (b) pay the fees and expenses related to the Merger, the offerings of the senior unsecured notes and the senior secured notes and the term loan and 364-day bridge facilities, (c) repay certain existing indebtedness of CMC and Entegris and (d) in the case of the term loan and 364-day bridge facilities, finance working capital and general corporate purposes of Entegris.\n\nThe gross proceeds of the notes, together with certain additional amounts, will be deposited into a separate escrow account for the notes until the consummation of the Merger. The notes will initially be secured by the amounts deposited in the applicable escrow account. Upon consummation of the Merger, the Escrow Issuer will merge with and into Entegris, with Entegris continuing as the surviving entity and assuming all of the Escrow Issuer's obligations under the notes. Following such merger and assumption, the notes will be senior unsecured obligations of Entegris and guaranteed by each of Entegris’ and CMC’s existing and future domestic subsidiaries, other than certain excluded subsidiaries, to the extent that such entities guarantee the term loan facility or Entegris’ outstanding senior unsecured notes or cer...

More updates from Entegris, Inc.