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.
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | April 15, 2028
|
| Securities: | Senior notes
|
| Left lead bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
|
| 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
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 385 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until April 15, 2023 then callable at 102.188
|
| Trade date: | April 23
|
| Settlement date: | April 30
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% area
|
| Marketing: | Drive-by
|
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