Avast launches $420 million six-year term loan at Libor plus 425 bps

By Sara Rosenberg

New York, March 4 - Avast launched on Tuesday its $420 million six-year first-lien covenant-light term loan with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year and amortization of 5% per annum, the source said.

The company's $460 million credit facility also includes a $40 million five-year revolver.

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

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.

Closing is expected in March.

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

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