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Avast sets spread on $274 million term loan at Libor plus 325 bps
By Sara Rosenberg
New York, June 26 – Avast firmed pricing on its $274 million first-lien covenant-light term loan due March 20, 2020 at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, according to a market source.
The loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to refinance an existing $399 million term loan 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 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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