Avast Software launches $1.21 billion and €502 million term loans

By Sara Rosenberg

New York, April 17 – Avast Software launched on its lender call on Tuesday a $1,214,000,000 covenant-light term loan B due September 2023 and a €502 million covenant-light term loan B due September 2023, according to a market source.

Price talk on the U.S. loan is Libor plus 250 basis points with a 1% Libor floor and a par issue price, and talk on the euro loan is Euribor plus 275 bps with a 0% floor and a par issue price, the source said.

Both term loans have 101 soft call protection for six months.

Credit Suisse is the left lead bank on the deal.

Proceeds will be used to reprice an existing U.S. term loan down from Libor plus 275 bps with a 1% Libor floor and an existing euro term loan down from Euribor plus 300 bps with a 0% floor.

Lenders are being offered a 12.5 bps amendment fee, the source added.

Expected term loan ratings are Ba3/BB-.

Commitments are due at noon ET on April 24.

Avast is a Prague-based maker of security software.

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