Avantor updates price talk on €250 million, €680 million term loans

By Sara Rosenberg

New York, May 19 – Avantor Inc. revised price talk on its €250 million five-year term loan B to Euribor plus 225 basis points from a range of Euribor plus 225 bps to 250 bps and on its €680 million seven-year term loan B to Euribor plus 275 bps from a range of Euribor plus 275 bps to 300 bps, according to a market source.

Also, the original issue discount talk on both term loans was changed to a range of 99.5 to 99.75 from just 99.5, the source said.

The term loans still have a 0% floor and 101 soft call protection for six months.

Citigroup Global Markets Inc. is the physical bookrunner on the deal. Goldman Sachs, Barclays, JPMorgan Chase Bank, BofA Securities Inc., PNC and HSBC are joint bookrunners. Goldman Sachs is the agent.

Commitments continue to be due at 8 a.m. ET on Friday, the source added.

Proceeds will be used to fund the acquisition of Ritter GmbH for about €890 million.

Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.

Avantor is a Radnor, Pa.-based provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries. Ritter is a Germany-based manufacturer of robotic and liquid handling consumables.

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