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Avantor brings covenant changes to $4.25 billion three-part notes offering; pricing set for Friday
By Paul A. Harris
Portland, Ore., Sept. 21 – A revision of covenants in Avantor, Inc.’s $4.25 billion three-part offering of high-yield notes will keep the deal in the market for an extra day, according to an informed source.
To recap, the deal includes $1,401,050,000 of senior first-lien notes due 2024, talked earlier in the week at 5¾% to 6%.
It also includes €500 million of senior first-lien notes due 2024, talked earlier in the week at 5¾% to 6%.
The sole unsecured tranche features a $2.25 billion amount of senior notes due 2025, talked earlier in the week at 8¾% to 9%.
Call protection is modified to include one extra year of premium protection for the secured and unsecured tranches.
All of the notes will be non-callable for three years, and then become callable at to-be-determined premiums in years four, five and six, becoming callable at par in year seven. The previous structure would have made the notes callable at par in year six.
Other revisions include the disposition of collateral, and the manner in which cash may be disbursed.
Commitments, with respect to the revisions, are due before Thursday's close, and the deal is set to price on Friday.
Goldman Sachs & Co. is the left lead for the Rule 144A and Regulation S for life deal. Barclays, J.P. Morgan Securities LLC and Jefferies LLC are also leads.
Proceeds, together with preferred equity financing of Vail Holdco, as well as $5.5 billion of senior secured credit facilities and cash on hand at VWR International LLC, will be used to finance the acquisition of VWR and fund a distribution to equity holders of Avantor and the issuer’s subsidiaries.
Avantor is a Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries.
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