Avantor to price dual-currency offering of eight-year senior notes in Tuesday drive-by

By Abigail W. Adams

Portland, Me., July 7 – Avantor Funding Inc. plans to price a $1 billion tranche and a €400 million tranche of eight-year senior notes (existing B3/B-/BB) in a Tuesday drive-by.

The notes are non-callable for three years.

Initial price talk has the dollar-denominated tranche coming with a yield of 5% to 5¼%, according to a market source.

Goldman Sachs & Co. LLC (lead left), Citigroup Global Markets Inc., Barclays, J.P. Morgan Securities LLC and BofA Securities Inc. are the bookrunners for the Rule 144A and Regulation S for life offering.

Proceeds will be used to redeem the company’s 9% senior notes due 2025.

Avantor is a Radnor, Pa.-based provider of mission-critical products to the biopharma, health care, education, government and advanced technologies and applied materials industries.

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