Moody’s lifts Avantor, loan; rates loan B1

Moody's Investors Service said it upgraded Avantor Performance Materials Holdings SA’s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

The agency also affirmed the first-lien senior secured term loan at B1 and upgraded the second-lien senior secured term loan to B3 from Caa1, and assigned B1 ratings to the $170 million delayed-draw term loan, all issued by subsidiary Avantor Performance Materials Holdings, Inc.

Proceeds from the $400 million incremental term loan will be used to refinance NuSil Technology, LLC's existing senior secured term loan facility and to pay associated fees and expenses; the proceeds of the delayed-draw term loan will be used to finance a pending acquisition, expected to close within the next 120 days.

The outlook is stable.

"The merger with Nusil, a leader in high margin specialty silicone products, combined with a pending acquisition expands Avantor's branded and specialty revenue profile while also modestly delevering the balance sheet," Joseph Princiotta, Moody’s vice president, senior credit officer and lead analyst for Avantor, said in a news release.

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