Avantor Performance to launch $885 million credit facility on Thursday

By Sara Rosenberg

New York, June 1 – Avantor Performance Materials is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch an $885 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and KeyBanc Capital Markets are the leads on the deal.

The facility consists of a $50 million revolver, a $670 million seven-year first-lien covenant-light term loan and a $165 million eight-year second-lien covenant-light term loan, the source said.

Both term loans have a 1% Libor floor.

Commitments are due on June 15, the source added.

Proceeds will be used to refinance existing debt and fund a shareholder dividend.

Avantor is a Center Valley, Pa.-based life sciences company focused on the development of specialty performance materials.

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