Avantor lowers spread on $185 million term loan to Libor plus 375 bps

By Sara Rosenberg

New York, June 22 - Avantor Performance Materials Holdings SA reduced pricing on its $185 million six-year term loan to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

The 1.25% Libor floor and original issue discount of 99½ were left unchanged.

The loan includes 101 soft call protection for one year.

The company's $220 million credit facility (Ba3/BB-) also provides for a $35 million revolver.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund an acquisition.

Avantor is a Phillipsburg, N.J.-based chemical company.

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