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Avast Software launches U.S. and euro term loans to lenders
By Sara Rosenberg
New York, Nov. 6 – Avast Software held a lender call at 10 a.m. ET on Monday to launch a $1,229,000,000 covenant-light term loan B due September 2023 and a €508 million 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.
Price talk on the U.S. term loan is Libor plus 275 basis points with a 1% Libor floor and an original issue discount of 99.75 to par, and talk on the euro term loan is Euribor plus 300 bps with a 0% floor and a discount of 99.75 to par, the source said.
Both term loans are getting 101 soft call protection for six months.
Proceeds will be used to reprice an existing U.S. term loan from Libor plus 325 bps with a 1% Libor floor and an existing euro term loan from Euribor plus 350 bps with a 0% floor.
Commitments are due at noon ET on Thursday, the source added.
Expected term loan ratings are Ba3/BB-.
Avast is a Prague-based maker of security software.
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