Moody's: Avantor loans Ba3

Moody's Investors Service said it assigned Ba3 (LGD 4, 51%) ratings to Avantor Performance Materials Holdings, SA's proposed new $35 million revolving credit facility and $185 million term loan B.

The agency said it expects the proceeds to be used to refinance the amounts outstanding under its current term loan B and to fund the recently announced acquisition of POCH SA, a laboratory and pharmaceutical business headquartered in Poland.

Moody's also said it revised the outlook to positive from stable.

The agency said it plans to withdraw the ratings on Avantor's existing credit facility and term loan on completion of the transaction.

The company's Ba3 corporate family rating reflects its small, but growing revenue, Moody's said, and a relatively small amount of tangible net worth and a limited history operating as an independent company.

The ratings benefit from a favorable brand image, long lived customer relationships and relatively small, but stable order sizes, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.