Avantor® Announces Pricing of Upsized Secondary Offering

Rhea-AI Summary

Avantor, Inc. (NYSE: AVTR) announced the pricing of an upsized secondary offering by certain stockholders, including New Mountain Capital. A total of 55,555,555 shares of common stock will be sold for gross proceeds of approximately $1.1 billion. This is an increase from the originally proposed 38,500,000 shares. The offering will close on August 21, 2020, pending customary conditions. The underwriters have an option to purchase an additional 8,333,333 shares. The company itself is not selling any shares and will not receive any proceeds from this offering.

Positive

• Successfully upsized secondary offering from 38.5 million to 55.6 million shares.
• Gross proceeds expected to be approximately $1.1 billion.

Negative

• No proceeds will benefit Avantor directly as shares are being sold by stockholders.

RADNOR, Pa., Aug. 20, 2020 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR) ("Avantor" or the "Company"), a leading global provider of mission critical products and services to customers in the life sciences and advanced technologies & applied materials industries, today announced the pricing of the previously announced underwritten secondary offering by certain of its stockholders (the "Selling Stockholders"), including an affiliate of New Mountain Capital, LLC, of 55,555,555 shares of common stock of the Company pursuant to a registration statement filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") for gross proceeds of approximately $1.1 billion.  The size of the offering reflects an increase from the 38,500,000 shares of common stock originally proposed to be sold.  

The Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 8,333,333 shares of common stock on the same terms and conditions. No shares are being sold by the Company. The Selling Stockholders will receive all of the proceeds from this offering. The offering is expected to close on August 21, 2020, subject to customary closing conditions.

Goldman Sachs & Co. LLC and J.P. Morgan are acting as the underwriters for the offering.

The underwriters propose to offer the shares from time to time for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to its right to reject any order in whole or in part.

A registration statement relating to these securities has been filed with the SEC and has become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, NY 10282 or by telephone at 1-866-471-2526; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone 1-866-803-9204 or by email at prospectus eq_fi@jpmchase.com.

About Avantor

Avantor®, a Fortune 500 company, 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. Our portfolio is used in virtually every stage of the most important research, development and production activities in the industries we serve. One of our greatest strengths comes from having a global infrastructure that is strategically located to support the needs of our customers. Our global footprint enables us to serve more than 225,000 customer locations and gives us extensive access to research laboratories and scientists in more than 180 countries. We set science in motion to create a better world.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Media Contact  
Allison Hosak 
Senior Vice President, Global Communications 
Avantor 
908-329-7281 
Allison.Hosak@Avantorsciences.com

Investor Relations Contact  
Tommy J. Thomas, CPA 
Vice President, Investor Relations 
Avantor 
781-375-8051 
Tommy.Thomas@Avantorsciences.com

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SOURCE Avantor and Financial News

FAQ

What is the total value of Avantor's secondary offering?

The total value of Avantor's secondary offering is approximately $1.1 billion.

When is the closing date for the Avantor stock offering?

The closing date for the Avantor stock offering is expected to be August 21, 2020.

Who are the underwriters for Avantor's secondary offering?

Goldman Sachs & Co. LLC and J.P. Morgan are acting as the underwriters for Avantor's secondary offering.

How many shares are being sold in Avantor's secondary offering?

A total of 55,555,555 shares of common stock are being sold in Avantor's secondary offering.

Will Avantor receive any proceeds from the secondary offering?

No, Avantor will not receive any proceeds from the secondary offering as the shares are being sold by stockholders.