Commentary & Deal Flow

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.

USD550m upsize UOP: to redeem all its 9% sr sr notes. Did investor call at 2pm UKT, 9am NYT today. Books closed at 12pm NYT/5pm UKT today. Reconfirms were due at 1pm NYT/ 6pm UKT today. UOP: along with $140m cash on hand to redeem a portion (USD1.452bn) of its USD2bn 9% sr notes due 10/01/25 (MWC T+50bp). 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.