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Moody’s assigns Entegris notes Ba2
Moody’s Investors Service said it assigned a Ba2 rating to Entegris Inc.’s planned senior unsecured notes. Concurrently, the agency affirmed the company’s ratings, including the Baa3 senior secured term loan due 2025 and the Ba2 rating on its outstanding senior unsecured notes due 2028 and 2029.
Moody’s said it also revised the outlook to negative from under review. These actions conclude the review started on Dec. 16 after Entegris reported its plan to buy CMC Materials Inc. The speculative grade liquidity rating remains unchanged at SGL-1.
Entegris plans to use the notes proceeds to help fund the purchase of CMC Materials.
“The negative outlook reflects Moody's expectation that leverage will remain above 4x debt to EBITDA (Moody's adjusted) over at least two years following closing, which is high for the Ba1 rating. That being said, Moody's expects Entegris will integrate CMC without material disruption Moody's expects and that revenues of the combined company will grow in the upper single digits percent over the next 12 to 18 months. Moody's also expects that Entegris will make steady progress in capturing the $75 million in anticipated cost synergies,” S&P said in a press release.
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