Avantor (AVTR) has priced its initial public offering of 207M shares of common stock at $14.00 and a concurrent public offering of 18M shares of its 6.250% Series A Mandatory Convertible Preferred Stock at $50.00 per share.
Underwriters over-allotment is an additional 31.05M common shares and an additional 2.7M shares of the Mandatory Convertible Preferred Stock.
Closing date is May 21.
The company intends to use a portion of the net proceeds received from the offerings to redeem all outstanding shares of its existing Series A Preferred Stock and use the remaining proceeds to repay a portion of its outstanding indebtedness under its senior secured term loan facilities.
Update: Shares opened at $14.72.
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