Entegris guides secured notes to Treasuries plus 215 bps

Chicago, April 5 – Entegris Escrow Corp. guided its senior secured seven-year notes (Baa3/BB+/BBB-) to Treasuries plus 215 basis points, according to a market source.

Initial guidance had the deal coming in the 200 bps area.

The Rule 144A and Regulation S deal is being sold to help fund the company’s acquisition of CMC Materials Inc. and to refinance an existing term loan and certain CMC debt. Financing will also come from any additional sources, a new $2.5 billion term loan and cash on hand.

The company is expected to follow up with an $800 million offering of unsecured notes, pricing as a high-yield execution. The secured notes are coming through investment-grade channels.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. BofA Securities, Inc., Barclays, Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities, Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Entegris, Inc. is a Billerica, Mass.-based supplier of advanced materials and process solutions for semiconductor and other high-technology industries. CMC Materials is an Aurora, Ill.-based supplier of advanced materials primarily for the semiconductor industry.

Paul A. Harris contributed to this story.

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