Entegris amends loan, permitting unsecured convertible debt offering

By Sara Rosenberg

New York, Aug. 17 - Entegris Inc. amended its credit facility, allowing for the issuance of at least $75 million of unsecured convertible debt, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Proceeds from the convertibles must be used to repay bank debt.

In addition, the borrowing base was amended to provide that it will be reduced by 50% of the net proceeds of any convertibles or equity offering received on or before Aug. 15, 2010 and 100% of the net proceeds of any convertibles or equity offering received by the company thereafter.

Also, revolver commitments will be reduced by 50% of any convertibles or equity offering received by the company.

The amendment was completed on Aug. 11.

Wells Fargo Bank is the agent on the deal.

Entegris is a Chaska, Minn.-based developer, manufacturer and supplier of materials integrity management services to the semiconductor and data storage markets.

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