Avantor Funding Inc.'s Proposed Senior Unsecured Notes Rated 'B-' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research

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

Avantor Funding Inc.'s Proposed Senior Unsecured Notes Rated 'B-' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research
Avantor Funding Inc.'s Proposed Senior Unsecured Notes Rated 'B-' (Recovery Rating: '6')
Published Jul 07, 2020
Published Jul 07, 2020
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Abstract:

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

  
Report Type:

Ratings Action

Ticker
1491020D
Issuer
GICS
Life Sciences Tools & Services (35203010)
Sector
Global Issuers
Country
Region
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MLA:
S&P Global Ratings’ Credit Research. "Avantor Funding Inc.'s Proposed Senior Unsecured Notes Rated 'B-' (Recovery Rating: '6')" Jul 07, 2020. Alacra Store. Jan 28, 2022. <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Funding-Inc-s-Proposed-Senior-Unsecured-Notes-Rated-B-Recovery-Rating-6-2473714>
  
APA:
S&P Global Ratings’ Credit Research. (). Avantor Funding Inc.'s Proposed Senior Unsecured Notes Rated 'B-' (Recovery Rating: '6') Jul 07, 2020. New York, NY: Alacra Store. Retrieved Jan 28, 2022 from <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Funding-Inc-s-Proposed-Senior-Unsecured-Notes-Rated-B-Recovery-Rating-6-2473714>
  
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