Entegris amends ABL facility to extend maturity, reduce pricing

By Sarah Lizee

Olympia, Wash., March 1 – Entegris, Inc. amended its asset-based credit and guaranty agreement dated April 30, 2014 to extend the maturity and reduce interest rate spreads, among other things, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the first amendment on Thursday with Goldman Sachs Bank USA as administrative agent and collateral agent.

The amendment extends the revolving maturity date to March 1, 2023 from April 30, 2019, provided that on Jan. 28, 2021, the revolver maturity will be modified to be Jan. 28, 2021 unless on that date the liquidity is at least equal to 125% of the principal amount of permitted term debt then outstanding that has final scheduled maturity, or weighted average life to maturity, prior to May 31, 2023.

The interest rate spreads are reduced by 25 basis points so that loans under the ABL facility will bear interest at Libor plus a spread that ranges from 125 bps to 175 bps, depending on excess availability.

The amendment also increases the maximum secured net leverage ratio to 2.75 times from 2 times.

Also, the amendment increases the thresholds for judgments and cross defaults to material debt to $75 million from $50 million.

Entegris is a Billerica, Mass.-based provider of specialty chemicals and advanced materials solutions for the microelectronics industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.