Avast to launch U.S. and euro incremental term loans on Thursday

By Sara Rosenberg

New York, July 26 – Avast Software will hold a lender call at 10 a.m. ET on Thursday to launch a fungible $50 million incremental covenant-light term loan B due September 2023 and a fungible €50 million incremental covenant-light term loan B due September 2023, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The incremental U.S. term loan is talked at Libor plus 325 basis points with a 1% Libor floor and a par issue price, and the incremental euro term loan is talked at Euribor plus 350 bps with a 1% floor and a par issue price, the source said.

The term loans have 101 soft call protection through Sept. 30.

Expected term loan ratings are Ba3/BB-.

Proceeds will be used for general corporate purposes.

Commitments are due at 5 p.m. ET on Monday, the source added.

Avast is a Prague-based maker of security software.

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