Avantor Inc.'s Term Loans Rated 'B' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

Avantor Inc.'s Term Loans Rated 'B' (Recovery Rating: '3')

Avantor Inc.'s Term Loans Rated 'B' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
Avantor Inc.'s Term Loans Rated 'B' (Recovery Rating: '3')
Published Nov 13, 2018
4 pages (1492 words) — Published Nov 13, 2018
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) Nov. 13, 2018--S&P Global Ratings today assigned its 'B' issue-level rating to Avantor Inc.'s new USD-denominated term loan and new Euro-denominated term loan. The recovery rating on this debt is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The issue-level and recovery ratings on this debt are the same as those on Avantor's existing term loans, which is being repriced in this transaction, though the estimated recovery is slightly lower given our expectation for slightly lower fixed charges under the new capital structure. The transaction does not affect leverage and improves cash flow modestly. The ratings on the revolver and secured notes are unchanged at

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Nov. 13, 2018--S&P Global Ratings today assigned its 'B' issue-level rating to Avantor Inc.'s new USD-denominated term loan and new Euro-denominated term loan. The recovery rating on this debt is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. The issue-level and recovery ratings on this debt are the same as those on Avantor's existing term loans, which is being repriced in this transaction, though the estimated recovery is slightly lower given our expectation for slightly lower fixed charges under the new capital structure. The transaction does not affect leverage and improves cash flow modestly. The ratings on the revolver and secured notes are unchanged at 'B' and the recovery rating remains '3' indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) in the event of a payment default. The ratings on the existing unsecured notes also remain the same, with a recovery...

  
Report Type:

Ratings Action

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

  
MLA:
S&P Global Ratings’ Credit Research. "Avantor Inc.'s Term Loans Rated 'B' (Recovery Rating: '3')" Nov 13, 2018. Alacra Store. Mar 28, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-s-Term-Loans-Rated-B-Recovery-Rating-3-2128898>
  
APA:
S&P Global Ratings’ Credit Research. (). Avantor Inc.'s Term Loans Rated 'B' (Recovery Rating: '3') Nov 13, 2018. New York, NY: Alacra Store. Retrieved Mar 28, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Avantor-Inc-s-Term-Loans-Rated-B-Recovery-Rating-3-2128898>
  
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