S&P assigns Entegris notes BB

S&P said it assigned its BB issue-level and 5 recovery ratings to Entegris Inc.'s proposed offering of $350 million of senior unsecured notes. The 5 recovery rating on the new notes indicates an expectation of modest (10%-30%; rounded estimate: 15%) recovery of principal in the event of a payment default.

“We expect the company to use the net proceeds to repay outstanding debt in stages, which will include the repayment of revolver borrowings of approximately $142 million immediately and the repayment of approximately $200 million in term loan borrowings over the course of next several quarters subject to market conditions,” S&P said in a press release.

All issue-level and recovery ratings remain unaffected, the agency said.

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