Cabot Microelectronics Corporation Announces Refinancing of Term Loan Facility

Cabot Microelectronics Corporation (Nasdaq: CCMP) today announced that it has amended its credit agreement entered into on November 15, 2018 to reduce the interest rate on borrowings under the agreement’s term loan facility by 25 basis points. The new term loan facility of the amended credit agreement has an aggregate principal amount of $957.0 million and bears interest at a rate per annum equal to, at the company’s option, either (a) a London Inter-bank Offered Rate (“LIBOR”), subject to a 0.00% floor, or (b) a base rate, in each case plus an applicable margin of 2.00% for LIBOR loans and 1.00% for base rate loans.

“We are proud to report a successful refinancing of our credit facility, which will deliver savings of approximately $2 million in interest payments on an annualized basis. We believe this result is consistent with the strength of our company and our ability to deliver against expectations,” said Scott Beamer, Vice President and Chief Financial Officer of Cabot Microelectronics Corporation.

The interest rate applicable to the amended credit agreement’s revolving credit facility, and the restrictive covenants, maturity dates and events of default remain unchanged from the provisions of the November 2018 credit agreement.

ABOUT CABOT MICROELECTRONICS CORPORATION

Cabot Microelectronics Corporation, headquartered in Aurora, Illinois, is a leading global supplier of consumable materials to semiconductor manufacturers and pipeline companies.  The company’s products play a critical role in the production of advanced semiconductor devices, helping to enable the manufacture of smaller, faster and more complex devices by its customers.  Cabot Microelectronics Corporation is also a leading provider of performance materials to pipeline operators.  The company's mission is to create value by delivering high-performing and innovative solutions that solve its customers’ challenges.  The company has approximately 1,900 employees globally.  For more information about Cabot Microelectronics Corporation, visit www.cabotcmp.com, or contact Colleen Mumford, Vice President, Communications and Marketing, at 630-499-2600.