Center Valley, Pa.-based Avantor Inc. plans to issue a $1.425 billion first-lien term loan and $380 million second-lien term loan through its subsidiary Avantor Performance Materials Holdings LLC. The company will use proceeds to repay its existing first-lien term loan to make a $439 million distribution to shareholders, and fund fees and expenses. Avantor reorganized its corporate structure following its merger with NuSil Technology LLC in 2016. Following the reorganization, the entities to which we assign ratings are being updated. We are assigning our 'B' corporate credit rating to Avantor Inc. We are assigning our 'B' issue-level rating and '3' recovery rating to the proposed first-lien credit facility. We are assigning our 'CCC+' issue-level rating and '6' recovery rating to
