Avantor upsizes dollar loan; Platform Specialty firms terms; Time launches $764 million

By Paul A. Harris

Portland, Ore., Sept. 22 – In Friday's leveraged loan market, Avantor, Inc. upsized its dollar-denominated seven-year term loan to $1,953,000,000 from $1,802,000,000 while downsizing its concurrent multi-tranche bond deal to $4.1 billion equivalent from $4.25 billion equivalent.

Platform Specialty Products Corp. (MacDermid Inc.) set final terms on a resized $1.43 billion equivalent of term loan debt.

And Time Inc. launched an extension of $764 million of bank debt.

The institutional tranche is a $464 million seven-year senior secured term loan B priced at Libor plus 350 basis points atop a 1% Libor floor at 99.5, with soft call protection reset at 101 for six months.

The deal includes a $300 million five-year revolver.

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