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Avast Software firms U.S. and euro term loans at par issue price
By Sara Rosenberg
New York, Nov. 10 – Avast Software finalized the issue price on its $1,229,000,000 covenant-light term loan B due September 2023 and €508 million covenant-light term loan B due September 2023 at par, the tight end of the 99.75 to par talk, according to a market source.
Pricing on the U.S. term loan is Libor plus 275 basis points with a 1% Libor floor and pricing on the euro term loan is Euribor plus 300 bps with a 0% floor.
Both term loans include 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
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.
Avast is a Prague-based maker of security software.
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