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Moody’s assigns Avantor’s notes Ba2
Moody’s Investors Service said it assigned a Ba2 rating to Avantor Funding, Inc.’s proposed €550 million of new senior first lien notes due 2025. There are no changes to Avantor’s ratings, including the B1 corporate family rating and Ba2 senior secured rating.
Proceeds and incremental term loan borrowings under Avantor’s A/R facility and cash on hand will be used to redeem all of its 6% senior first-lien notes due 2024 and 4¾% senior first-lien notes due 2024, and to pay related fees and expenses.
“Moody’s views the transaction as 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,” the agency said in a press release.
The outlook remains positive.
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