S&P rates Entegris notes BB

S&P said it assigned its BB issue-level rating and 5 recovery rating to Entegris Inc.'s new $400 million of senior unsecured notes due 2029. The 5 recovery rating indicates a modest (10%-30%; rounded estimate: 10%) recovery in default.

Entegris intends to use the proceeds together with cash on hand and a partial $75 million draw on its revolver to redeem its $550 million of senior unsecured notes due 2026 and to pay certain fees and expenses related to the offering.

Entegris also plans to increase its revolver to $400 million from $300 million and extend the maturity to 2026, S&P said.

“All existing ratings, including our BB+ corporate credit rating on Entegris remains unchanged,” the agency said in a press release.

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