Subsequent Events

3 Months Ended

Apr. 02, 2022

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENT

On April 14, 2022, Entegris Escrow Corporation (the “Issuer”), a Delaware corporation and wholly-owned subsidiary of Entegris, completed a private offering of $1.6 billion aggregate principal amount of 4.75% Senior Secured Notes due 2029. The Company expects net proceeds from the offering of approximately $1.57 billion, after deducting estimated commissions and offering fees and expenses.

The Company intends to use the net proceeds from the offering of the 2029 Secured Notes, together with the borrowings under the Bridge Facility (or other sources of indebtedness which reduce the commitments under the Bridge Facility) and the Term Loan B Facility and cash on hand, to (a) finance a portion of the cash consideration for the pending acquisition of CMC Materials, (b) pay the fees and expenses related to the acquisition, the 2029 Secured Notes offering, the New Term Loan Facility, the Bridge Facility and the Amended Revolving Facility, (c) repay certain existing indebtedness of CMC Materials and Entegris and (d) in the case of the Term Loan B Facility, finance working capital and general corporate purposes of Entegris. In the event that the acquisition does not close, the Issuer will be required to redeem the 2029 Secured Notes at a price equal to 100% of the aggregate principal amount of the 2029 Secured Notes plus accrued and unpaid interest, if any, up to, but not including, the redemption date. The gross proceeds of the offering, together with certain additional amounts, have been deposited into a separate escrow account until the consummation of the acquisition.