Avantor Funding Inc.'s Proposed Senior Unsecured Notes Rated 'B-' (Recovery Rating: '6')

TORONTO (S&P Global Ratings) July 7, 2020--S&P Global Ratings today assigned its 'B-' issue-level rating and '6' recovery rating to Avantor Funding Inc.'s proposed senior unsecured notes, which it will issue in two traches of $1.0 billion and €400 million, respectively. The '6' recovery rating indicates our expectation for modest (0%-10%; rounded estimate: 5%) recovery in the event of a payment default. The new notes will be issued by Avantor Funding Inc., which is a subsidiary of Avantor Inc. We expect the company to use the proceeds from the unsecured notes to repay its existing $2 billion 9% unsecured notes. Our 'B+' issuer credit rating on Avantor reflects its position as one of the largest distributors of laboratory supplies, its

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