Versum Materials entered into a first amendment to a credit agreement among the company, the subsidiary guarantors, lenders and Citibank, as administrative agent and collateral agent for the lenders, which amended a credit agreement dated as of September 30, 2016.

The repricing amendment decreased the applicable rate for the company’s senior secured first lien term loan B facility from 2.50% to 2.00% per annum for LIBOR borrowings, and reduced the LIBOR floor from 0.75% to 0.00%.

In addition, the repricing amendment decreased the applicable rate for the term facility from 1.50% to 1.00% per annum for base rate borrowings, and removed the 1.75% base rate floor. If the company’s total leverage ratio is equal to or less than 2:1 (calculated without any netting of cash on hand), the applicable rate will decrease further to 1.75% for LIBOR borrowings and to 0.75% for base rate borrowings.

The repricing amendment also increased the applicable first lien net leverage ratios that determine the percentage of excess cash flow, ranging from 0% to 50%, that is required to be used to prepay the term facility. The period in which a prepayment premium may be required for a repricing transaction was reset to six months after the October 10, 2017 effective date of the repricing amendment.

Versum Materials provides solutions to the semiconductor industry through chemical synthesis, analytical technology, process engineering and surface science.