Moody's rates Entegris notes Ba2

Moody's Investors Service said it rated Entegris Inc.'s new senior unsecured notes at Ba2. Entegris' other ratings are unchanged. The outlook remains stable.

Proceeds will be used to repay the balance on the senior secured revolving credit facility with the remainder initially held as cash.

Based on current business conditions, Entegris also plans to repay about $200 million of Entegris' senior secured term loan over the next several quarters, with any remaining proceeds to be used for general corporate purposes, Moody’s said.

“The issuance of the new notes will initially be leveraging, increasing Moody's adjusted debt to EBITDA to about 3.3x from 2.5x (year ended December 31, 2019, proforma for the $142 million revolver drawdown during the first quarter of 2020). Proforma for the planned repayment of the revolver balance shortly following closing, adjusted debt to EBITDA is 3x,” the agency said in a press release.

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