Avantor® Announces Pricing of Offering of $800 Million of Senior Notes
October 19, 2021 at 05:52 pm EDT
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Avantor, Inc. announced the pricing of the previously announced private offering by its wholly-owned subsidiary, Avantor Funding, Inc. (the "Issuer"), of $800 million aggregate principal amount of 3.875% Senior Notes due 2029 (the "Notes"). The Notes will mature on November 1, 2029. The offering is expected to close on October 26, 2021, subject to customary closing conditions. The Notes will be guaranteed on a joint and several basis by Vail Holdco Sub LLC, the Issuer's direct parent and a direct wholly-owned subsidiary of Avantor ("Holdco"), and by each of Holdco's wholly-owned domestic subsidiaries that guarantees obligations under the Issuer's senior secured credit facilities. The Issuer intends to use the net proceeds from the sale of the Notes, along with the net proceeds from certain other financing transactions, cash on hand and borrowings under Avantor's A/R facility, to finance Avantor's previously announced acquisition of the Masterflex bioprocessing business and related assets of Antylia Scientific and to pay related fees and expenses. The offering of the Notes was made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), in the United States only to persons reasonably believed to be "qualified institutional buyers," as that term is defined in Rule 144A under the Securities Act, or outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
Avantor, Inc. is a global provider of mission-critical products and services to customers in the biopharma, healthcare, education and government, and advanced technologies & applied materials industries. Its products include materials and consumables, equipment and instrumentation, and services and specialty procurement. Materials and consumables include chemicals and reagents, lab products and supplies, formulated silicone materials, customized excipients, customized single-use assemblies, process chromatography resins and columns, analytical sample prep kits and education and microbiology and clinical trial kits. Equipment and instrumentation include filtration systems, virus inactivation systems, incubators, analytical instruments, freezers, biological safety cabinets and critical environment supplies. Services and specialty procurement include onsite lab and production, clinical, equipment, procurement and sourcing and biopharmaceutical material scale-up and development services.