Avantor sets meetings in New York and London for new credit facilities

By Sara Rosenberg

New York, Sept. 5 – Avantor is scheduled to hold a bank meeting in New York at 11 a.m. ET on Thursday, a bank meeting in London (City) on Monday and a bank meeting in London (West End) on Sept. 12 to launch new credit facilities, according to a market source.

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC and Jefferies LLC are the leads on the debt.

The facilities consist of a $250 million revolver, a $2,401,000,000 first-lien term loan and a €500 million first-lien term loan, the source said.

Proceeds will be used to help fund the acquisition of VWR International LLC for $33.25 in cash per share, reflecting an enterprise value of about $6.4 billion, and fund a distribution to equity holders.

Other funds for the transaction will come from $1,401,000,000 senior secured notes, €500 million senior secured notes and $2.25 billion senior unsecured notes, preferred equity financing and cash on hand.

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

Following the closing, New Mountain Capital will be the lead shareholder of the combined company.

Avantor is a Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries. VWR is a Radnor, Pa.-based provider of product, supply chain, and service solutions to laboratory and production customers.

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