Avantor Inc.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

Avantor Inc.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '3')

Avantor Inc.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
Avantor Inc.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '3')
Published Oct 28, 2020
3 pages (1299 words) — Published Oct 28, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

TORONTO (S&P Global Ratings) Oct. 28, 2020--S&P Global Ratings today assigned its 'BB-' issue-level rating and '3' recovery rating to Avantor Inc.'s proposed senior secured EUR notes (€550 million). The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) 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 will use the new notes, along with the new senior secured term loan, to repay its existing $1.5 billion 6% secured notes and €500 million 4.75% secured notes, as well as related fees and expenses. Our 'BB-' issuer credit rating on Avantor reflects its position as one of the

  
Brief Excerpt:

...- General Criteria: Hybrid Capital: Methodology And Assumptions, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013 - General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012...

  
Report Type:

Ratings Action

Ticker
1491020D
Issuer
Avantor Funding, Inc.
GICS
Life Sciences Tools & Services (35203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Avantor Inc.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '3')" Oct 28, 2020. Alacra Store. Apr 20, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-s-Proposed-Senior-Secured-Notes-Rated-BB-Recovery-Rating-3-2546314>
  
APA:
S&P Global Ratings’ Credit Research. (). Avantor Inc.'s Proposed Senior Secured Notes Rated 'BB-' (Recovery Rating: '3') Oct 28, 2020. New York, NY: Alacra Store. Retrieved Apr 20, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-s-Proposed-Senior-Secured-Notes-Rated-BB-Recovery-Rating-3-2546314>
  
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