Simpson Thacher recently represented Avantor, Inc. (“Avantor”) in several significant transactions.
In November 2020, the Firm represented Avantor and an entity affiliated with New Mountain Capital in connection with a secondary offering of Avantor common stock by New Mountain Capital and other selling stockholders. The offering of 78,726,740 shares of Avantor’s common stock (which included a full exercise of the underwriters’ option to purchase additional shares) raised approximately $1.95 billion in gross proceeds, with the selling stockholders receiving all of the proceeds from the offering.
In November 2020, the Firm also represented Avantor in connection with (i) an amendment to the existing credit agreement of a wholly-owned subsidiary of Avantor, pursuant to which such subsidiary obtained $1,175,000,000 of additional senior secured U.S. dollar term loans (the “Incremental Term Loans”), and (ii) the private offering by such subsidiary of €650,000,000 aggregate principal amount of 2.625% Senior First Lien Notes due 2025. The net proceeds from the Incremental Term Loans and the offering of Notes, along with borrowings under Avantor’s accounts receivable facility and cash on hand, were used to redeem all of such subsidiary’s existing 6% Senior First Lien Notes due 2024 and 4.75% Senior First Lien Notes due 2024.
Avantor (NYSE: AVTR) is a leading global provider of mission critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries.
The Simpson Thacher team included Joe Kaufman, Jessica Asrat, Hyo Min Kim, Catherine Ciriello and Gianna Ceophas (Capital Markets – Equity); Ryan Bekkerus, Jessica Asrat, Richard Ragusa and Ben Carson (Capital Markets – Bonds); James Cross, Adam Moss, Cristina Gonzalez, Essete Workneh and Michael Gajewsky (Banking and Credit); Jon Pall (Collateral); Abram Ellis (Regulatory); Jamin Koslowe (Executive Compensation and Employee Benefits); John Creed and Sophie Staples (Tax); Adeeb Fadil and Noreen Lavan (Environmental); and Lori Lesser, Genevieve Dorment, Ellie Gladstone and Alysha Sekhon (Intellectual Property).