By Paul A. Harris
Portland, Ore., April 23 – Entegris Inc. priced an upsized $400 million issue of eight-year senior notes (Ba2/BB) at par yield 4 3/8% in a Thursday drive-by, according to a syndicate source.
Morgan Stanley & Co. LLC (bill and deliver) was the left lead bookrunner. Joint bookrunners were BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
The issue size increased from $350 million.
The yield printed at the tight end of yield talk in the 4½% area.
The Billerica, Mass.-based company plans to use the proceeds to repay approximately $142 million under its revolving credit facility and for general corporate purposes. If current business conditions continue, the company also expects to repay $200 million of term loan debt over the course of the next several quarters, the syndicate source said.
Entergis supplies materials and services used in the semiconductor device fabrication process.
Issuer: | Entegris Inc.
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Amount: | $400 million, increased from $350 million
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Maturity: | April 15, 2028
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Securities: | Senior notes
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Left lead bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
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Joint bookrunners: | BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
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Coupon: | 4 3/8%
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Price: | Par
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Yield: | 4 3/8%
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Spread: | 385 bps
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First call: | Make-whole call at Treasuries plus 50 bps until April 15, 2023 then callable at 102.188
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Trade date: | April 23
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Settlement date: | April 30
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Ratings: | Moody's: Ba2
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| S&P: BB
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 4½% area
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Marketing: | Drive-by
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