Avantor sets talk in dual-currency offering of eight-year notes; pricing Tuesday

By Abigail W. Adams

Portland, Me., July 7 – Avantor Funding Inc. set official price talk in its dual-currency offering of eight-year senior notes (existing B3/B-/BB) with the $1 billion tranche talked with a yield of 4¾% to 5% and the €400 million tranche talked with a yield in the 4% area, according to a market source.

Initial price talk had the dollar-denominated tranche coming with a yield of 5% to 5¼%.

Books are expected to close at noon ET with pricing thereafter.

The notes are non-callable for three years with the first call at par plus 50% of the coupon.

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.

© 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.