By Abigail W. Adams
Portland, Me., June 16 – Entegris Inc. priced $895 million eight-year non-call three-year senior notes (Ba2/BB/BB) with a coupon of 5.95% and a discounted offer price of 90.832 to yield in 7½%, according to a market source.
Pricing came in the middle of official talk for a yield in the 7½% area.
Pricing was in line with initial guidance for a 5.95% coupon and in the middle of initial guidance for a discounted offer price of 90.1 to 91.5 for a yield in the 7½% area.
Morgan Stanley & Co. LLC (lead left), Barclays, BofA Securities Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities Inc. and Wells Fargo Securities LLC are bookrunners for the Rule 144A and Regulation S offering.
Proceeds will be used to finance the acquisition of CMC Materials.
Entegris is a Billerica, Mass.-based manufacturing company of products that purify, protect and transport materials used in the semiconductor devise fabrication process.
| Issuer: | Entegris Inc.
|
| Amount: | $895 million
|
| Issue: | Senior notes
|
| Maturity: | June 15, 2030
|
| Left bookrunner: | Morgan Stanley & Co. LLC
|
| Joint bookrunners: | Barclays, BofA Securities Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 5.95%
|
| Price: | 90.832
|
| Yield: | 7½%
|
| Spread: | 417 bps
|
| First call: | June 15, 2025 at 102.975
|
| Trade date: | June 16
|
| Settlement date: | June 30
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Yield in the 7½% area
|
| Marketing: | Drive-by
|
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