Avast Software to launch $837 million equivalent term B on Thursday

By Sara Rosenberg

New York, March 3 – Avast Software is set to hold an investor call at 10:30 a.m. ET on Thursday to launch an $837 million equivalent U.S. and euro seven-year term loan B, according to a market source.

Credit Suisse is the physical lead bookrunner on the deal, and Morgan Stanley is a joint lead bookrunner. Credit Suisse is the administrative agent.

Price talk on the term loans is Libor/Euribor plus 225 basis points with a 0% floor and an original issue discount of 99.5 to 99.75, the source said.

Both term loans have 101 soft call protection for six months.

The U.S. term loan is expected to have a minimum size of $350 million, and the euro term loan is expected to have a minimum size of €300 million, the source continued.

Expected term loan ratings are Ba1/BB+.

Commitments are due at noon ET on March 12 for the U.S. loan and at 7 a.m. ET on March 12 for the euro loan, the source added.

Proceeds will be used to refinance existing debt.

Avast is a Prague-based cybersecurity provider.

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