Avantor Inc. Upgraded To 'B+' On Debt Repayment; Rating Removed From CreditWatch; Outlook Positive - S&P Global Ratings’ Credit Research

Avantor Inc. Upgraded To 'B+' On Debt Repayment; Rating Removed From CreditWatch; Outlook Positive

Avantor Inc. Upgraded To 'B+' On Debt Repayment; Rating Removed From CreditWatch; Outlook Positive - S&P Global Ratings’ Credit Research
Avantor Inc. Upgraded To 'B+' On Debt Repayment; Rating Removed From CreditWatch; Outlook Positive
Published May 22, 2019
Published May 22, 2019
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About This Report

  
Abstract:

Avantor Inc. completed an IPO on May 16, 2019, issuing $2.898 billion in common equity and $900 million in mandatory convertible preferred shares. On May 17, underwriters exercised the greenshoe option to issue an additional $434.7 million in common equity and $135 million in mandatory convertible preferred shares. Avantor is using the proceeds to pay down $1.6064 billion in debt and redeem $2.4104 billion in senior preferred stock held by New Mountain Capital. All junior preferred shares (about $1.56 billion as of March 31, 2019) will convert to common equity. The IPO results in our expectation that leverage will be below 7x starting in 2019. In addition, we expect the company's financial policy to become more conservative now that it

  
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 Inc. Upgraded To 'B+' On Debt Repayment; Rating Removed From CreditWatch; Outlook Positive" May 22, 2019. Alacra Store. Jan 27, 2022. <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-Upgraded-To-B-On-Debt-Repayment-Rating-Removed-From-CreditWatch-Outlook-Positive-2237405>
  
APA:
S&P Global Ratings’ Credit Research. (). Avantor Inc. Upgraded To 'B+' On Debt Repayment; Rating Removed From CreditWatch; Outlook Positive May 22, 2019. New York, NY: Alacra Store. Retrieved Jan 27, 2022 from <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-Upgraded-To-B-On-Debt-Repayment-Rating-Removed-From-CreditWatch-Outlook-Positive-2237405>
  
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