Entegris, Inc. (NASDAQ:ENTG) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement.
On March 1, 2018, Entegris, Inc., a Delaware corporation (the "Company"), entered into the First Amendment (the "Amendment") to the ABL Credit and Guaranty Agreement, dated as of April 30, 2014, by and among the Company, certain subsidiaries of the Company party thereto as subsidiary guarantors, the lenders party thereto (the "Lenders"), and Goldman Sachs Bank USA, as administrative agent and collateral agent for the lenders(the "ABL Facility").
Among other things, the Amendment:
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reduces the interest rate spreads applicable to loans under the ABL Facility by 0.25%. After giving effect to such reduction, loans under the ABL Facility will bear interest at a rate of LIBOR plus a spread of between 1.25% to 1.75%, with a base rate floor of 0.0%, or a prime rate plus a spread of between 0.25% to 0.75%, with a base rate floor of 1.00%, in each case depending on excess availability; |
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extends the final maturity of the ABL Facility from April 30, 2019 to March 1, 2023; provided that, on January 28, 2021, in the event that the Company’s term loan credit agreement or certain other indebtedness maturing prior to May 31, 2023 remains outstanding, then the ABL Facility will mature on January 28, 2021, unless excess availability greater than $7.5 million under the ABL Facility plus the amount of cash and cash equivalents of the Company and its restricted subsidiaries is at least 125% of the aggregate outstanding principal amount of the term loan credit agreement and such other indebtedness, and thereafter requires that the Company maintain such ratio at all times during which the ABL Facility remains outstanding; |
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increases the maximum secured net leverage ratio that the Company must meet to incur indebtedness and liens from 2.00:1.00 to 2.75:1.00; and |
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increases the thresholds for judgments and cross defaults to material indebtedness from $50 million to $75 million. |
In connection with the execution of the Amendment, the Company paid customary fees and expenses to Goldman Sachs Bank USA.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and 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 disclosure under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
ENTEGRIS INC ExhibitEX-10.1 2 entgablamendment.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EXECUTION VERSIONFIRST AMENDMENT dated as of March 1,…To view the full exhibit click here
About Entegris, Inc. (NASDAQ:ENTG)
Entegris, Inc. is a developer, manufacturer and supplier of materials and solutions for manufacturing processes in the semiconductor and other high-technology industries. The Company designs, manufactures and markets its products through two segments: Critical Materials Handling and Electronic Materials. In the Critical Materials Handling segment, the Company offers a range of products that purify, monitor and deliver critical liquids and gases to the semiconductor manufacturing process and similar manufacturing processes, as well as microenvironment products. In the Electronic Materials segment, the Company offers a range of materials and materials delivery systems to support the advanced semiconductor manufacturing processes. Its products and materials are used to manufacture semiconductors, micro-electromechanical systems, flat panel displays, light emitting diodes (LEDs), high-purity chemicals and critical components for aerospace, glass manufacturing and biomedical applications. Entegris, Inc. (NASDAQ:ENTG) Recent Trading Information
Entegris, Inc. (NASDAQ:ENTG) closed its last trading session down -0.15 at 33.05 with shares trading hands.
