MKS INC (MKSI): debt financing — MKS refinances $744M term loans; extends maturity to 2029, expects 30-35 bps cost savings

MKS INC

Borrowed $490M incremental USD tranche B and €250M incremental Euro tranche B loans.
Used proceeds to prepay $744M senior secured tranche A term loans in full.
Refinanced debt maturity extended to 2029, matching existing tranche B terms.
Expected to reduce weighted average cost of debt by ~30-35 bps based on current rates.
JP Morgan acted as sole lead arranger and sole bookrunner for the refinancing.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

MKS INC incurred term loan of $490 million with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.

Instrument: term loan
Principal: $490 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Event: incurrence

Exact text from the filing

borrowed additional U.S. Dollar senior secured tranche B term loans (the "Incremental USD Tranche B Loans") in an aggregate principal amount of $490 million

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

MKS INC incurred term loan of €250 million with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.

Instrument: term loan
Principal: €250 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Event: incurrence

Exact text from the filing

borrowed additional Euro senior secured tranche B term loans (the "Incremental Euro Tranche B Loans" and together with the Incremental USD Tranche B Loans, the "Incremental Tranche B Loans") in an aggregate principal amount of €250 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MKS INC amended Second Amendment to Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders and letter of credit issuers party thereto valued at aggregate principal amount of $490 million, (ii) borrowed additional Euro senior secured tranche B t (effective 2024-01-22).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders and letter of credit issuers party thereto
Value: aggregate principal amount of $490 million, (ii) borrowed additional Euro senior secured tranche B t
Effective: 2024-01-22

Exact text from the filing

On January 22, 2024 (the “Effective Date”), MKS Instruments, Inc., a Massachusetts corporation (the “Company”), entered into the Second Amendment to Credit Agreement (the “Refinancing Amendment”), which amends the Credit Agreement, dated as of August 17, 2022, by and among the Company, the lenders and letter of credit issuers party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent

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283 debt financings filed in the last 30 days. Browse all debt financings →

MKS INC filing history →

Source: SEC EDGAR

accession 0001193125-24-012171

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