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Avast firms issue price on U.S. and euro incremental loans at 100.5
By Sara Rosenberg
New York, July 28 – Avast Software finalized the issue price on its fungible $50 million incremental covenant-light term loan B due September 2023 and fungible €75 million incremental covenant-light term loan B due September 2023 at 100.5, the tight end of revised talk of 100.25 to 100.5 and tight of initial talk of par, according to a market source.
The incremental U.S. term loan is priced at Libor plus 325 basis points with a 1% Libor floor, and the incremental euro term loan is priced at Euribor plus 350 bps with a 0% floor.
The term loans have 101 soft call protection through Sept. 30.
Earlier in syndication, the euro incremental term loan was upsized from €50 million.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used for general corporate purposes.
Avast is a Prague-based maker of security software.
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