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S&P gives Avantor loan BB-
S&P said it assigned its BB- issue-level and 3 recovery ratings to Avantor Inc.’s proposed $1.35 billion senior secured term loan. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in a default. Avantor’s subsidiary, Avantor Funding Inc., will issue the term loan.
“We understand the company plans on issuing other secured debt to repay the remaining balance of existing secured notes as part of this transaction. We have not incorporated those plans into our analysis, and we will provide a rating when details become available,” S&P said in a press release.
Avantor is expected to use the proceeds and secured debt, from $500 million to $650 million euro equivalent, to repay its $1.5 billion of 6% secured notes, €500 million of 4¾% secured notes and pay related fees and expenses.
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