Avast readies launch of $460 million credit facility for Tuesday

By Sara Rosenberg

New York, Feb. 28 - Avast is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $460 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, UBS Securities LLC and Jefferies Finance LLC are the lead banks on the deal.

The facility consists of a $40 million five-year revolver and a $420 million six-year first-lien covenant-light term loan, the source said.

Proceeds will be used to help fund a major investment in the company by CVC Capital Partners.

The investment values the company at $1 billion.

Commitments are due on March 18, the source added.

Closing is expected in March.

Avast is a Czech Republic-based provider of security software for PCs, smartphones and tablets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.