Avantor Inc. Ratings Placed On CreditWatch Positive On Planned IPO - S&P Global Ratings’ Credit Research

Avantor Inc. Ratings Placed On CreditWatch Positive On Planned IPO

Avantor Inc. Ratings Placed On CreditWatch Positive On Planned IPO - S&P Global Ratings’ Credit Research
Avantor Inc. Ratings Placed On CreditWatch Positive On Planned IPO
Published May 03, 2019
3 pages (1366 words) — Published May 03, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based global manufacturer and distributor of products, services, and solutions Avantor Inc. intends to raise equity via an IPO over the next several weeks. The company plans to raise net proceeds of $2.889 billion, which could be increased to $3.323 billion, if the greenshoe is exercised. The company will use the proceeds to redeem the preferred shares and repay debt. The junior preferred shares would convert to common equity. With the debt repayment, we believe leverage could decline below 7x by the end of 2019. We are placing all of our ratings, including our 'B' issuer credit rating, on Avantor on CreditWatch with positive implications. We plan to resolve the CreditWatch after the IPO and debt repayment, which we expect

  
Brief Excerpt:

...+ U.S.-based global manufacturer and distributor of products, services, and solutions Avantor Inc. intends to raise equity via an IPO over the next several weeks. The company plans to raise net proceeds of $2.889 billion, which could be increased to $3.323 billion, if the greenshoe is exercised. + The company will use the proceeds to redeem the preferred shares and repay debt. The junior preferred shares would convert to common equity. With the debt repayment, we believe leverage could decline below 7x by the end of 2019. + We are placing all of our ratings, including our 'B' issuer credit rating, on Avantor on CreditWatch with positive implications. + We plan to resolve the CreditWatch after the IPO and debt repayment, which we expect within the next 90 days. NEW YORK (S&P Global Ratings) May 3, 2019--"S&P Global Ratings today took the rating actions listed above. The CreditWatch placement reflects our expectation that Avantor's adjusted leverage could improve to less than 7x by the end...

  
Report Type:

Ratings Action

Ticker
1491020D
Issuer
GICS
Life Sciences Tools & Services (35203010)
Sector
Global Issuers
Country
Region
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Avantor Inc. Ratings Placed On CreditWatch Positive On Planned IPO" May 03, 2019. Alacra Store. Jan 27, 2022. <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-Ratings-Placed-On-CreditWatch-Positive-On-Planned-IPO-2226601>
  
APA:
S&P Global Ratings’ Credit Research. (). Avantor Inc. Ratings Placed On CreditWatch Positive On Planned IPO May 03, 2019. New York, NY: Alacra Store. Retrieved Jan 27, 2022 from <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-Ratings-Placed-On-CreditWatch-Positive-On-Planned-IPO-2226601>
  
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