Fitch rates Entegris loans BBB-, notes BB

Fitch Ratings said it assigned a first-time BB long-term issuer default rating to Entegris, Inc. Additionally, Fitch gave BBB-/RR1 ratings to the company's senior secured revolving credit facility and term loan and BB/RR4 ratings to the company's notes.

The agency also plans to rate the company's planned senior secured issuance BBB-/RR1 and prospective senior unsecured issuance BB/RR4.

In December, the company agreed to acquire CMC Materials, Inc. To finance the deal, Entegris boosted and extended its revolver to $575 million and priced a $2.495 billion senior secured term loan to be funded at the close of the acquisition. The company also seeks to sell an added $1.6 billion of senior secured debt and $800 million of unsecured debt, the form is to be determined.

The outlook is stable.

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