Commentary & Deal Flow

Avantor Funding Inc (AVTR) EUR650m (up from EUR550m) 144A/Reg S sr 1st lien notes due 11/01/25 (5y). NC2 (MWC B+50bp), then at 101.313, 100.656, 100. Equity claw: 2y 40% at 102.625. B1/BB-/BB+ (positive/positive/stable). Via GS (B&D)/Citi joint active books/Barc/JPM/BofA joint books, PNC, HSBC, Jefferies as co-managers. No reg rights. List ISE. Settles 11/06 (T+5). Reg S ISIN: XS2251742537. 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.

Priced: 2.625% at 100. +345bp vs OBL 0.0% 10/10/25.

Did global investor call at 11am UKT, 7am NYT yesterday. Books closed at 1pm UKT today. 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 today), 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.