Entegris sets Wednesday launch for $545 million credit facility

By Sara Rosenberg

New York, March 10 - Entegris Inc. is scheduled to hold a bank meeting on Wednesday to launch its $545 million senior secured credit facility, according to a market source.

Goldman Sachs Bank USA is leading the financing.

The facility consists of an $85 million asset-based revolver and a $460 million covenant-light term loan B, the source said.

Proceeds will be used to help fund the acquisition of ATMI Inc. for a total equity value of about $1.15 billion on a fully diluted basis, or around $850 million net of cash acquired, including the net cash proceeds from the sale of ATMI's LifeSciences business of $170 million. ATMI shareholders will receive $34 in cash.

Other funds for the transaction are expected to come from $360 million of senior unsecured notes.

Post close, the company will have $820 million of total debt, representing 3.3 times of total debt to 2013 pro forma EBITDA, or two times EBITDA on a net basis.

Closing is expected in the second quarter, subject to the regulatory approvals of both U.S. and international regulators, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Act, approval by ATMI shareholders and other customary conditions.

Entegris is a Billerica, Mass.-based provider of products for purifying, protecting and transporting critical materials used in processing and manufacturing in semiconductor and other high-tech industries. ATMI is a Danbury, Conn.-based provider of specialty semiconductor materials, and safe, high-purity materials handling and delivery solutions.

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