Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Entegris, Inc.    ENTG

ENTEGRIS, INC.

(ENTG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

ENTEGRIS INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

share with twitter share with LinkedIn share with facebook
04/30/2020 | 06:06pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

4.375% Senior Unsecured Notes due 2028

General

On April 30, 2020, Entegris, Inc. (the "Company") issued $400,000,000 aggregate principal amount of 4.375% senior unsecured notes due April 15, 2028 (the "2028 Notes"). The 2028 Notes were issued under an indenture dated as of April 30, 2020 (the "2028 Notes Indenture") by and among the Company, certain subsidiaries of the Company and Wells Fargo Bank, National Association, as trustee (the "2028 Notes Trustee"). Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2020.

Guarantees

The 2028 Notes will be guaranteed, jointly and severally, fully and unconditionally, on a senior unsecured basis, by the Company's existing and future domestic subsidiaries, other than certain excluded subsidiaries, to the extent that such entities guarantee indebtedness under the Company's senior secured term loan facility and senior secured revolving credit facility (together, the "Senior Secured Credit Facilities") or the Company's 4.625% Senior Unsecured Notes dues 2026 (the "2026 Notes") and any other subsidiary of the Company to the extent it incurs certain additional indebtedness (collectively, the "Guarantors").

Ranking

The 2028 Notes and the guarantees thereof are the Company's and the Guarantors' senior unsecured obligations, respectively, and will (i) rank equally in right of payment with all of the Company's and the Guarantors' existing and future senior indebtedness (including the 2026 Notes); (ii) rank senior to any subordinated indebtedness that the Company or the Guarantors may incur; (iii) be effectively subordinated to all of the Company's or the Guarantors' existing and future secured indebtedness (including its Senior Secured Credit Facilities), in each case, to the extent of the value of the assets securing such indebtedness; and (iv) be structurally subordinated in right of payment to all existing and future obligations of the Company's subsidiaries that do not guarantee the 2028 Notes.

Optional Redemption

At any time prior to April 15, 2023, the Company may, at its option, on any one or more occasions, redeem up to 40% of the aggregate principal amount of the 2028 Notes, at a redemption price equal to 104.375% of the principal amount of the 2028 Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, with an amount of cash equal to the net cash proceeds of an equity offering, as defined in the 2028 Notes Indenture, by the Company; provided that (1) at least 60% of the aggregate principal amount of 2028 Notes issued under the 2028 Notes Indenture remains outstanding immediately after the occurrence of each such redemption; and (2) the redemption occurs within 120 days of the date of the closing of such equity offering.

--------------------------------------------------------------------------------

Additionally, at any time prior to April 15, 2023, the 2028 Notes may be redeemed, in whole or in part, at the option of the Company, at a redemption price equal to 100% of the principal amount of the 2028 Notes redeemed, plus a "make whole" premium, plus accrued and unpaid interest to, but not including, the applicable redemption date.

On or after April 15, 2023, the Company may on any one or more occasions redeem all or a part of the 2028 Notes, at its option, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 2028 Notes redeemed, to, but not including, the applicable date of redemption, if redeemed during the 12-month period beginning on April 15 of the years indicated below:

Year                   Percentage
2023                       102.188 %
2024                       101.094 %
2025 and thereafter        100.000 %

Change of Control Repurchase Event

Upon the occurrence of certain change of control events accompanied by certain ratings events, the Company will be required to offer to repurchase all of the outstanding 2028 Notes at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase.

Certain Covenants

The 2028 Notes Indenture that governs the 2028 Notes contains covenants that, among other things, limit the Company's ability and/or the ability of the Company's subsidiaries to:

  • incur liens;


  • engage in sale and leaseback transactions; and


     •  consolidate, merge with or convey, transfer or lease all or substantially
        all of the Company's and its subsidiaries' assets to another person.

The 2028 Notes Indenture also, subject to certain exceptions, limits the ability of any non-Guarantor subsidiary of the Company to incur indebtedness.

These covenants are subject to a number of other limitations and exceptions as set forth in the 2028 Notes Indenture.

--------------------------------------------------------------------------------

Events of Default

The 2028 Notes Indenture provides for events of default which, if certain of them occur, would permit the 2028 Notes Trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2028 Notes to declare the principal of, and interest or premium, if any, and any other monetary obligations on, all the then-outstanding 2028 Notes to be due and payable immediately.

The foregoing description of the 2028 Notes Indenture and the 2028 Notes is qualified in its entirety by reference to the complete terms and conditions of the 2028 Notes Indenture, a copy of which is filed herewith as Exhibit 4.1 and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant.


The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

© Edgar Online, source Glimpses


share with twitter share with LinkedIn share with facebook
All news about ENTEGRIS, INC.
10/27ENTEGRIS, INC. : Ex-dividend day for
FA
10/22ENTEGRIS : Management's Discussion and Analysis of Financial Condition and Resul..
AQ
10/22ENTEGRIS : Reports Third Quarter Results
PU
10/22ENTEGRIS INC : Results of Operations and Financial Condition (form 8-K)
AQ
10/22ENTEGRIS : 3Q Earnings Snapshot
AQ
10/22ENTEGRIS : Reports Results for Third Quarter Of 2020
BU
10/14ENTEGRIS INC : Other Events (form 8-K)
AQ
10/14ENTEGRIS : Declares Quarterly Cash Dividend
BU
10/08ENTEGRIS : to Report Results for Third Quarter of 2020 on Thursday, October 22, ..
BU
08/03ENTEGRIS : Asia Pte Ltd. and SIMTech Establish a Joint Research Laboratory Focus..
BU
More news