Commentary & Deal Flow

Avantor Funding Inc (AVTR) EUR650m (up from EUR550m) 144A/Reg S sr 1st lien notes due 2025 (5y). NC2 (MWC B+50bp) (50%, 25%, par). Equity claw: 2y 40%. B1/BB-/BB- (positive/positive/stable). Via GS/Citi joint active books/Barc/JPM/BofA joint books, PNC, HSBC, Jefferies as co-managers. No reg rights. List ISE. IPT mid 2s. The proceeds from the EUR100m (approx $117m) upsize and a $57m (approx EUR49) increase in its A/R facility draw will be used to reduce the size of the new term loan B.

Px talk: 2.75% area.

Did global investor call at 11am UKT, 7am NYT yesterday. Books close at 1pm UKT today. Pricing today UK afternoon. UOP: along with a $1.175bn (down from $1.35bn) term loan B via GS/Citi (did a lender call on 10/23, commitments due Fri), a $97m (up from $40m) draw on its A/R facility and $175m cash on hand, to redeem all of its $1.5bn 6% sr sec 1st lien notes due 10/01/24 (callable at 104.50) and all of its EUR500m 4.75% sr sec 1st lien notes due 10/01/24 (callable at 103.563). 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.