Avantor obtains fourth amendment, gets total of $515 million revolver

By Taylor Fox

Chicago, July 14 – Avantor Funding, Inc. entered into a fourth amendment 4 to its credit agreement to the original agreement dated Nov. 21, 2017 with Goldman Sachs Bank USA as administrative agent, according to an 8-K filing with the U.S. Securities and Exchange Commission.

The company obtained $250 million of revolving credit agreements to replace the earlier credit agreement and an additional $265 million revolver, for a total of $515 million.

The new revolver will mature on July 14, 2025 subject to an earlier springing maturity 181 days before Nov. 21, 2024 to the extent more than $200 million of initial term loans have not been repaid or refinanced.

The commitment fee payable will initially be 37.5 basis points, subject to a stepdown to 25 bps per year if Avantor achieves a consolidated first-lien net leverage ratio of less than 2.5x.

Drawn revolving loans in connection with the new revolving commitments bear interest of Libor plus 225 bps subject to a step-up or stepdowns based on a consolidated first-lien net leverage ratio-based pricing grid.

Goldman Sachs Bank USA is also the collateral agent and swingline lender.

Lead arrangers were Goldman Sachs and Citibank, NA.

Avantor is a Radnor, Pa.-based provider of mission-critical products to the biopharma, health care, education, government and advanced technologies and applied materials industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.