Published on 4/16/2021 in the Prospect News High Yield Daily.
New Issue: Entegris prices $400 million eight-year notes at par to yield 3 5/8%
By Paul A. Harris
Portland, Ore., April 16 – Entegris Inc. priced a $400 million issue of eight-year senior notes (Ba2/BB) at par to yield 3 5/8% in a Friday drive-by, according to a syndicate source.
The yield printed at the tight end of yield talk in the 3¾% area.
Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Truist Securities Inc. and Wells Fargo Securities LLC.
The Billerica, Mass.-based supplier of advanced materials and process solutions for the semiconductor industry plans to use the proceeds plus cash on hand and a $75 million draw on its revolver to redeem all of its senior notes due 2026.
| Issuer: | Entegris Inc.
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| Amount: | $400 million
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| Maturity: | May 1, 2029
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| Securities: | Senior notes
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| Left 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, Truist Securities Inc. and Wells Fargo Securities LLC
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| Coupon: | 3 5/8%
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| Price: | Par
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| Yield: | 3 5/8%
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| Spread: | 226 bps
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| First call: | May 1, 2024 at 102.719
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| Trade date: | April 16
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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: | 3¾% area
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