Avantor Performance Materials Holdings S.A. -- Moody's affirms Avantor ratings following upsized loan issuance and debt financed dividend

New York, September 19, 2016 -- Moody's Investors Service, ("Moody's") affirmed the Corporate Family Rating (CFR) at B1 and the probability of default rating (PDR) at B1-PD of Avantor Performance Materials Holdings S.A. (Avantor). Moody's also affirmed the first lien senior secured TL at B1 and said it will withdraw the B3 rating on the second lien senior secured TL when the loans are repaid, expected September 30, 2016, all issued by Avantor's subsidiary Avantor Performance Materials Holdings, Inc. These actions follow the company's announcement that it will upsize the recent $570 million first lien TL financing by $265 million and use the expanded proceeds to repay roughly $165 million outstanding under the second lien term loan and to pay a dividend up to $140 million to New Mountain, Avantor's private equity owner. The rating outlook is stable.

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