Avantor amends facilities: $1.4B RCF, €950M term loans added

Avantor, Inc. amended its senior secured credit facilities to bolster liquidity and extend maturities.

Accepted by SEC EDGAR 10/14/2025 - 04:46 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Avantor, Inc. amended its senior secured credit facilities to bolster liquidity and extend maturities. The Amended Credit Agreement adds replacement and incremental revolving credit commitments totaling $1.4 billion, a new €400 million Incremental Euro Term A Loan, and a new €550 million Incremental B‑6 Euro Term Loan. The revolving facility and Term A mature on October 9, 2030, and the Term B on October 9, 2032.

Proceeds will repay or refinance existing secured debt, including the accounts receivable securitization and remaining first‑lien notes, cover related fees, and provide additional liquidity. On the Termination Date, approximately $208 million outstanding under the up to $300 million A/R Facility was repaid in full and the facility was terminated. The Borrower redeemed €400 million of 2.625% Senior First Lien Notes on August 29, 2025 and the remaining €250 million on October 10, 2025.

The Term B loan bears interest at benchmark plus 2.50%. Obligations are guaranteed by substantially all wholly owned domestic subsidiaries (excluding the Company) and are secured by substantially all assets, subject to customary exceptions, with customary covenants and events of default.

Insights

Credit and capital structure analyst

Refinancing extends maturities, consolidates liquidity, and retires near‑term notes.

Avantor upsized and extended its secured debt stack: a $1.4B revolving facility now runs to 2030, a new Term A to 2030, and a Term B to 2032. Proceeds are directed to repay secured borrowings, terminate the A/R facility, and redeem remaining first‑lien notes, simplifying the structure and pushing out maturities.

Pricing is floating; the Term B margin is 2.50% over a benchmark, while RCF/Term A margins float on a leverage grid. Secured status and broad subsidiary guarantees provide lenders strong collateral coverage, paired with customary covenants.

Key milestones disclosed include full A/R facility payoff of $208M and redemptions of €400M and €250M notes. Future interest expense will depend on benchmark rates and leverage-tier margins; covenant flexibility and liquidity availability will shape operating headroom.

8-K Event Classification

5 items: 1.01, 1.02, 2.03, 8.01, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did AVTR change in its credit facilities?

Avantor added $1.4 billion in revolving commitments and established new €400 million Term A and €550 million Term B Euro loans, with maturities in 2030 and 2032.

How will Avantor use the new credit facilities?

To repay or refinance existing secured debt, terminate the A/R facility, redeem remaining first‑lien notes, pay related fees, and provide liquidity for ongoing needs.

What happened to Avantor’s A/R Facility?

The up to $300 million A/R Facility was terminated on the Termination Date after repaying approximately $208 million outstanding and repurchasing previously sold receivables.

Which notes did Avantor redeem and when?

The Borrower redeemed €400 million of 2.625% Senior First Lien Notes on August 29, 2025 and the remaining €250 million on October 10, 2025.

What are the new maturities for Avantor’s facilities?

The RCF and Term A mature on October 9, 2030, and the Term B matures on October 9, 2032.

What is the interest margin on the new Term B loan?

The Term B carries an applicable margin of 2.50% plus the benchmark rate.

Who guarantees Avantor’s obligations under the Amended Credit Agreement?

Substantially all wholly owned domestic subsidiaries of the Borrower; the Company itself is not a guarantor, while Vail Holdco Sub LLC is.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 9, 2025

Avantor, Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-38912			82-2758923
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

Radnor Corporate Center, Building One, Suite 200

100 Matsonford Road

Radnor, Pennsylvania 19087

(Address of principal executive offices, including zip code)

(610) 386-1700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Exchange on which registered

Common Stock, $0.01 par value

AVTR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Senior Secured Credit Facilities Amendment

On October 9, 2025, Avantor Funding, Inc. (the “Borrower”), a wholly-owned subsidiary of Avantor, Inc. (the “Company”), certain other subsidiaries of the Company, the lenders party thereto, and Goldman Sachs Bank USA, as administrative agent and collateral agent, entered into Amendment No. 14 to Credit Agreement (the “Amendment”), which amends the Credit Agreement dated as of November 21, 2017, as previously amended from time to time (the “Credit Agreement” and, as amended by the Amendment, the “Amended Credit Agreement”).

The Amendment, among other things: (i) provides for replacement revolving credit commitments in the amount of $975 million and establishes an additional $425 million of incremental revolving credit commitments, resulting in an aggregate of $1.4 billion in revolving credit commitments under the Amended Credit Agreement (the “RCF”); (ii) establishes a new €400 million tranche of Incremental Euro Term A Loans (the “TLA”); and (iii) establishes a new €550 million tranche of Incremental B-6 Euro Term Loans (the “TLB” and, together with the RCF and the TLA, the “New Credit Facilities”).

The Amendment also extends the maturity date of the RCF to October 9, 2030. The maturity date of the TLB is October 9, 2032 and the maturity date of the TLA is October 9, 2030.

The proceeds of the New Credit Facilities will be used to repay and/or refinance in whole or in part certain existing senior secured indebtedness, including under the Credit Agreement, the A/R Facility (as defined below), and the remaining outstanding €250 million in aggregate principal amount of the Notes (as defined below), to pay related fees and expenses, and to provide additional liquidity and funding for the ongoing business needs of the Company and its subsidiaries.

The New Credit Facilities bear interest at a benchmark rate plus an applicable margin. The applicable margin under the RCF and the TLA is determined based on a leverage-based pricing grid set forth in the Amended Credit Agreement. Unused RCF commitments accrue a commitment fee as provided for therein. The applicable margin for the TLB is 2.50% plus the benchmark rate, as set forth in the Amended Credit Agreement. The Borrower also pays customary letter of credit, agency, and administrative fees.

The Borrower’s obligations under the Amended Credit Agreement are unconditionally guaranteed by substantially all of its wholly owned domestic subsidiaries. The Company is not a guarantor, although Vail Holdco Sub LLC, a wholly owned subsidiary of the Company and the parent of the Borrower, is a guarantor. The obligations of the Borrower and guarantors are secured by a security interest in substantially all of the assets of the Borrower and each guarantor, in each case, subject to permitted liens and other customary exceptions and limitations.

The Amended Credit Agreement contains customary affirmative and negative covenants, including, among other things, covenants that restrict or limit the ability of the Borrower and guarantors to incur indebtedness, grant liens, make investments, consummate mergers and asset sales, prepay junior indebtedness, and make restricted payments, in each case, subject to certain negotiated exceptions, baskets and thresholds. The Amended Credit Agreement also includes customary events of default, including non-payment of principal, interest or other amounts due thereunder, breaches of covenants, inaccuracy of representations and warranties, cross-defaults to certain other material indebtedness, bankruptcy and insolvency events, the entry of material judgments, certain ERISA events and the invalidity of material guarantees or security interests.

A copy of the Amendment is included as Exhibit 10.1 hereto and is incorporated by reference herein. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement.

Item 1.02. Termination of a Material Agreement.

PNC A/R Facility Termination

On October 9, 2025 (the “Termination Date”), certain subsidiaries of the Company entered into an Assignment and Termination Agreement (the “Termination Agreement”) with PNC Bank, National Association (the “Bank”), as administrator, purchaser agent, related committed purchaser, LC bank and LC participant, and Wells Fargo Bank, National Association, as purchaser agent, related committed purchaser and LC participant, pursuant to which the up to $300 million accounts receivable securitization facility established on March 27, 2020 (the “A/R Facility”) was repaid in full and terminated. On the Termination Date, approximately $208 million was outstanding under the A/R Facility.

Under the Termination Agreement, all outstanding amounts under the A/R Facility were repaid in full and all other obligations thereunder were satisfied. In connection with the termination of the A/R Facility, among other things, the applicable subsidiaries of the Company repurchased from PNC all receivables and related rights previously sold under the Receivables Purchase Agreement dated March 27, 2020. The A/R Facility and all related transaction documents and security were terminated and released.

Item 2.03. Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of Registrant.

The information set forth in Item 1.01 is incorporated into this Item 2.03 by reference.

Item 8.01. Other Events.

On August 29, 2025, the Borrower redeemed €400 million in aggregate principal amount outstanding of its 2.625% Senior First Lien Notes due 2025 (the “Notes”) at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. On October 10, 2025, the Borrower redeemed the remaining outstanding €250 million in aggregate principal amount of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
4.1						Amendment No. 14 to Credit Agreement, dated as of October 9, 2025, among Vail Holdco Sub LLC, as holdings, Avantor Funding, Inc., as the borrower, each of the guarantors party thereto, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders and issuers from time to time party thereto.
4.2						The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Avantor, Inc.
Date: October 14, 2025			By:			/s/ Steven Eck
						Name:			Steven Eck
						Title:			Senior Vice President and Chief Accounting Officer