Avast readies launch of $274 million first-lien term loan for Monday

By Sara Rosenberg

New York, June 19 – Avast is scheduled to hold a lender call at noon ET on Monday to launch a $274 million first-lien covenant-light term loan due March 20, 2020, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The term loan is talked at Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par issue price, the source said.

Included in the term loan is 101 soft call protection for six months.

Proceeds will be used to refinance an existing $399 million that is priced at Libor plus 375 bps with a 1% Libor floor.

With the new term loan, there will be a concurrent $125 million paydown on the existing term loan, the source added.

Commitments are due at 5 p.m. ET on Thursday.

The borrowers are Sybil Software LLC and Sybil Finance BV.

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

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