ENTEGRIS INC 8-K

What Happened
On April 29, 2026, Entegris, Inc. filed an 8-K to report Amendment No. 4 to its Credit and Guaranty Agreement (the “Amended Credit Agreement”) with its lenders and Morgan Stanley Senior Funding, Inc., as administrative and collateral agent. The amendment creates a new five‑year senior secured revolving credit facility for aggregate commitments of $750.0 million (the “Amended Revolving Credit Facility”), maturing April 29, 2031 (with a springing maturity 91 days prior to the scheduled final maturity of certain outstanding Company debt above a threshold, subject to a liquidity carveout). The facility remains guaranteed by certain Entegris subsidiaries and secured by a lien on substantially all assets (subject to permitted exceptions). The amendment also revises provisions governing indebtedness, liens, acquisitions, dividends, asset sales and other non‑ordinary-course actions.

Key Details

• Amount and term: $750.0 million senior secured revolving credit facility, maturity April 29, 2031.
• Pricing: margins for Term Benchmark/RFR borrowings of 1.25% / 1.50% / 1.75% and for base rate borrowings of 0.25% / 0.50% / 0.75%, tied to first‑lien net leverage ratio tiers.
• Fees and covenant: commitment fees on unused capacity of 0.20% / 0.25% / 0.30%; maximum first‑lien net leverage ratio financing covenant of 5.20:1.00 (tested in certain circumstances based on revolver utilization).
• Security and guarantees: obligations remain guaranteed by designated subsidiaries and secured by liens on substantially all assets; customary events of default (payment defaults, covenant breaches, material misstatements) permit acceleration.

Why It Matters
This amendment establishes Entegris’s near‑term liquidity backstop and sets pricing, fees and leverage limits that affect the company’s borrowing cost and financial flexibility. The secured, guaranteed revolver provides committed availability through 2031 but includes leverage covenants and other restrictions that can limit additional debt, dividends, acquisitions or asset transfers if covenant thresholds are approached. Investors should note the springing maturity feature tied to other debt maturities and that the facility creates a direct financial obligation on the company’s balance sheet.