Moody’s assigns Ba2 to Avantor loan

Moody’s Investors Service said it assigned a Ba2 rating to Avantor Funding, Inc. proposed new term loan B due 2027 for at least $1.35 billion.

Proceeds will be primarily used to refinance its debt and pay fees and expenses.

“Moody’s views the transaction as a credit positive as it will lower interest costs and extend Avantor’s debt maturity profile. Moody’s anticipates that Avantor’s refinancing strategy will be leverage-neutral, with pro forma debt/EBITDA of close to 5x. Moody’s understands that, as part of this refinancing, Avantor could issue additional senior secured debt in the near future,” the agency said in a press release.

There are no changes to Avantor’s other ratings, including the B1 corporate family and Ba2 senior secured ratings, Moody’s said.

The outlook remains positive.

© 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.