Avantor shifts funds between term loans, finalizes OID at 99.75

By Sara Rosenberg

New York, May 21 – Avantor Inc. upsized its five-year term loan B to €325 million from €250 million and downsized its seven-year term loan B to €605 million from €680 million, according to a market source.

Also, the original issue discount on both term loans firmed at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk of 99.5, the source said.

Pricing on the five-year loan is Euribor plus 225 basis points with a 0% floor, and pricing on the seven-year loan is Euribor plus 275 bps with a 0% floor.

Earlier in syndication, pricing on the five-year loan was set at the low end of the Euribor plus 225 bps to 250 bps talk and pricing on the seven-year loan firmed at the low end of the Euribor plus 275 bps to 300 bps talk.

The term loans have 101 soft call protection for six months.

Citigroup Global Markets Inc. is the physical bookrunner on the deal. Goldman Sachs, Barclays, JPMorgan Chase Bank, BofA Securities Inc., PNC and HSBC are joint bookrunners. Goldman Sachs is the agent.

Allocations were scheduled to go out on Friday, the source added.

Proceeds will be used to fund the acquisition of Ritter GmbH for about €890 million.

Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.

Avantor is a Radnor, Pa.-based provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries. Ritter is a Germany-based manufacturer of robotic and liquid handling consumables.

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