Avast lifts euro term loan to €75 million, tightens issue price talk

By Sara Rosenberg

New York, July 27 – Avast Software upsized its fungible euro incremental covenant-light term loan B due September 2023 to €75 million from €50 million, according to a market source.

Also, issue price talk on the euro term loan and on a fungible $50 million incremental covenant-light term loan B due September 2023 was revised to a range of 100.25 to 100.5 from par, the source said.

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.

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

Commitments for the U.S. term loan were scheduled to be due at 5 p.m. ET on Thursday and commitments for the euro term loan are due at 7 a.m. ET on Friday, the source added.

Proceeds will be used for general corporate purposes.

Avast is a Prague-based maker of security software.

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