Avantor Performance reveals first- and second-lien term loan talk

By Sara Rosenberg

New York, June 2 – Avantor Performance Materials released price talk on its $670 million seven-year first-lien covenant-light term loan (B1/B) and $165 million eight-year second-lien covenant-light term loan (Caa1/CCC+) in connection with its bank meeting on Thursday, according to a market source.

The first-lien term loan is talked at Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 950 bps with a 1% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company’s $885 million credit facility also includes a $50 million revolver (B1/B).

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and KeyBanc Capital Markets LLC are the leads on the deal.

Commitments are due on June 15.

Proceeds will be used to refinance existing debt and fund a shareholder dividend.

Avantor is a Center Valley, Pa.-based life sciences company focused on the development of specialty performance materials.

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