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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
HLTH
PRCD
AVTR
Avantor Funding Inc-
2USOA
Jul 7, 2020
currency
USD
size (m)
1,550.000
maturity
Jul 15, 2028
type
Fixed
tenor
8.000
call
3.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
B3
s&p
B-
fitch
BB
size description
-
re-open/tap
No
ipt
5.00%-5.25%
ipt-pxd
-
guidance
4.75%-5.00%
spread
407
coupon
4.625%
spread set
-
price
100.00000
yield
4.625%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
BAM, BRC, CTI, GSC, ...
joint leads
-
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
BAM, BRC, CTI, GSC, ...
joint leads
-
passive leads
-
co-managers
coordinating managers
-
currency
EUR
size (m)
400.000
maturity
Jul 15, 2028
type
Fixed
tenor
8.000
call
3.00
registration
144A/Reg S
benchmark
-
ranking
-
moody's
B3
s&p
B-
fitch
BB
size description
-
re-open/tap
No
ipt
4.00%-4.25%
ipt-pxd
-
guidance
4% area
spread
443
coupon
3.875%
spread set
-
price
100.00000
yield
3.875%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
BAM, BRC, CTI, GSC, ...
joint leads
-
passive leads
-
co-managers
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
BAM, BRC, CTI, GSC, ...
joint leads
-
passive leads
-
co-managers
coordinating managers
-
Tranche Comments
Registration: 144A/Reg S; Comments: 07/07/2020 Avantor Funding Inc (AVTR) approx USD2bn (up from USD1.452bn) 144A/Reg S sr notes 2-part. B3/B-/BB (positive/positive/stable). Via GS/Citi/Barc/JPM/BofA joint books, PNC, HSBC, Evercore (US$ tranche only), Jefferies as co-managers. No reg rights. Settles 07/17 (T+8). - USD1.550bn (up from USD1bn) due 07/15/28 (8y). NC3 (MWC T+50bp), then at 102.313, 101.156, 100. Equity claw: 3y 40% at 104.625. 144A CUSIP: 05352TAA7. IPT: 5.00%-5.25%. Px talk: 4.75%-5.00%. Launched: $1.55bn at 4.625%. Priced: 4.625% at 100. +407bp vs 2.875% 08/15/28. - EUR400m due 07/15/28 (8y). NC3 (MWC B+50bp), then at 101.938, 100.969, 100. Equity claw: 3y 40% at 103.875. IPT 4.00%-4.25%. Px talk: 4% area. Launched: EUR400m at 3.875%. Priced: 3.875% at 100. +443bp vs DBR 0.25% 08/15/28. Did investor call at 2pm UKT, 9am NYT 07/07. Books closed at 12pm NYT/5pm UKT 07/07. Reconfirms were due at 1pm NYT/ 6pm UKT 07/07. UOP: along with $140m cash on hand to redeem all (up from USD1.452bn portion) of its USD2bn 9% sr notes due 10/01/25 (MWC T+50bp), USD550m upsize UOP: to redeem all its 9% sr sr notes. Also increasing and extending its revolver from $250m due Nov 2022 to $515m due July 2025. Biz: a global provider of mission critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries, HQ: Radnor, PA.; Registration: 144A/Reg S; Comments: 07/07/2020 Avantor Funding Inc (AVTR) approx USD2bn (up from USD1.452bn) 144A/Reg S sr notes 2-part. B3/B-/BB (positive/positive/stable). Via GS/Citi/Barc/JPM/BofA joint books, PNC, HSBC, Evercore (US$ tranche only), Jefferies as co-managers. No reg rights. Settles 07/17 (T+8). - USD1.550bn (up from USD1bn) due 07/15/28 (8y). NC3 (MWC T+50bp), then at 102.313, 101.156, 100. Equity claw: 3y 40% at 104.625. 144A CUSIP: 05352TAA7. IPT: 5.00%-5.25%. Px talk: 4.75%-5.00%. Launched: $1.55bn at 4.625%. Priced: 4.625% at 100. +407bp vs 2.875% 08/15/28. - EUR400m due 07/15/28 (8y). NC3 (MWC B+50bp), then at 101.938, 100.969, 100. Equity claw: 3y 40% at 103.875. IPT 4.00%-4.25%. Px talk: 4% area. Launched: EUR400m at 3.875%. Priced: 3.875% at 100. +443bp vs DBR 0.25% 08/15/28. Did investor call at 2pm UKT, 9am NYT 07/07. Books closed at 12pm NYT/5pm UKT 07/07. Reconfirms were due at 1pm NYT/ 6pm UKT 07/07. UOP: along with $140m cash on hand to redeem all (up from USD1.452bn portion) of its USD2bn 9% sr notes due 10/01/25 (MWC T+50bp), USD550m upsize UOP: to redeem all its 9% sr sr notes. Also increasing and extending its revolver from $250m due Nov 2022 to $515m due July 2025. Biz: a global provider of mission critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries, HQ: Radnor, PA.;

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