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

By Sara Rosenberg

New York, March 16 – Avast Software upsized its U.S. term loan B due September 2023 to $1.21 billion from $1,185,000,000 and its euro term loan B due September 2023 to €445 million from €395 million, according to a market source.

Also, pricing on the euro loan firmed at Euribor plus 350 basis points, the low end of the Euribor plus 350 bps to 375 bps talk, the source said.

Furthermore, the issue price on both term loans was set at par, the tight end of the 99.875 to par talk.

As before, the U.S. loan is priced at Libor plus 325 bps with a 1% Libor floor, the euro loan has a 0% floor, and both loans have 101 soft call protection for six months.

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.

Recommitments are due at noon ET on Friday, 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.

Funds raised from the upsizings will be used for general corporate purposes.

Avast is a Prague-based maker of security software.

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