Avast Software updates U.S. and euro term loan sizes, pricing

By Sara Rosenberg

New York, March 12 – Avast Software set the breakdown of its $837 million equivalent U.S. and euro seven-year term loan B (Ba1/BB+) as a $480 million tranche and a €300 million tranche, according to a market source.

At launch, the U.S. term loan was outlined as expected to have a minimum size of $350 million, and the euro term loan was expected to have a minimum size of €300 million.

In addition, pricing on the U.S. and euro term loans was reduced to Libor/Euribor plus 200 basis points from Libor/Euribor plus 225 bps and the original issue discount on the loans firmed at 99.75, the tight end of the 99.5 to 99.75 talk, the source said.

As before, the term loans have a 0% floor and 101 soft call protection for six months.

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

Recommitments for the U.S. and euro term loans were scheduled to be due at noon ET on Friday the source added.

Proceeds will be used to refinance existing debt.

Avast is a Prague-based cybersecurity provider.

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