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S&P assigns Entegris loan BBB-
S&P said it rated Entegris Inc.’s planned $2.5 billion term loan BBB- with a 2 recovery rating. The agency also affirmed Entegris’ BB+ issuer rating, BBB- rating on its senior secured credit facility and BB rating on its unsecured notes. The facility’s 2 recovery rating and the 5 recovery rating on the notes are unchanged.
In addition to the new term loan, the company plans to boost its revolver to $575 million from $400 million, undrawn at close, and extend the maturity to 2027.
Entegris agreed to acquire CMC Materials Inc. in $6.5 billion deal. The company will use the term loan and other secured and unsecured debt to partly finance the acquisition.
The outlook is stable.
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