Avantor Funding driving by with $800 million eight-year senior notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., Oct. 19 – Avantor Funding, Inc. plans to price an $800 million offering of eight-year senior notes (expected rating B2/BB-) in a Tuesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the low 4% area, a trader said.

Citigroup Global Markets Inc. is the left bookrunner. Goldman Sachs & Co. LLC is a bookrunner. BofA Securities Inc., Barclays and PNC Capital Markets LLC are joint bookrunners.

Wells Fargo Securities LLC and HSBC Securities (USA) Inc. are co-managers.

The Radnor Township, Pa.-based chemical company plans to use the proceeds plus a $900 million term loan to partially fund its acquisition of Antylia Scientific’s Masterflex bioproduction business.

The notes become callable after three years at par plus 50% of the coupon.

They feature a mandatory par call if the acquisition is not consummated.

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