Avast to launch $1.2 billion and €400 million term loans on Wednesday

By Sara Rosenberg

New York, March 7 – Avast Software will hold a lender call at 11 a.m. ET on Wednesday to launch a $1.2 billion term loan B due September 2023 and a €400 million term loan B due September 2023, according to a market source.

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Bank of America Merrill Lynch are the joint bookrunners on the financing, with Credit Suisse the administrative agent.

Price talk on the U.S. term loan is Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.875 to par, and talk on the euro term loan is Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 99.875 to par, the source said.

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

Commitments are due at noon ET on March 15, the source added.

Proceeds will be used to reprice and extend an existing U.S. term loan due September 2022 that is priced at Libor plus 400 bps with a 1% Libor floor and an existing euro term loan due September 2022 that is priced at Euribor plus 375 bps with a 1% floor.

Avast is a Prague-based maker of security software.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.