Avantor upsizes offering of five-year senior notes to €650 million; pricing Friday

By Abigail W. Adams

Portland, Ore., Oct. 30 – Avantor Funding, Inc. (B1/BB-/BB-) upsized its offering of five-year senior first-lien notes to €650 million from €550 million with pricing expected Friday, according to a market source.

Price talk has the notes coming with a yield in the 2¾% area, a source said.

Proceeds were shifted from the concurrent term loan, which was downsized to $1.175 million from $1.35 billion.

The A/R facility was also increased by $57 million.

Left active bookrunner Goldman Sachs & Co. LLC will bill and deliver. Citigroup Global Markets Inc. is a joint active bookrunner.

Barclays, J.P. Morgan Securities LLC and BofA Securities Inc. are joint bookrunners.

PNC Capital Markets LLC, HSBC Securities (USA) Inc. and Jefferies LLC are the co-managers.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon.

The Radnor, Pa.-based company plans to use the proceeds, along with the $1.175 billion term loan, borrowings under its existing accounts receivable facility and cash on its balance sheet, to redeem all of its euro-denominated 4¾% notes due 2024 and dollar-denominated 6% notes due 2024.

Avantor supplies mission critical products and services to customers in the life sciences, advanced technologies and applied materials industries.

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