Avast Software finalizes terms of cross-border term loan refinancing

Arrangers are finalizing terms tight to talk on the $837 million-equivalent cross-border term loan B refinancing for AVAST Software s.r.o., according to sources. With these changes, recommitments are due today at noon ET (5 p.m. U.K. time).

Pricing is being finalized on the $480 million and €300 million tranches at L/E+200, with a 0% floor and an issue price of 99.75 for both. That's revised from guidance at launch of L/E+225, at 99.50-99.75. Both tranches have a seven-year maturity and will come with six months of 101 soft call protection.

Credit Suisse is the physical lead bookrunner on the deal, and Morgan Stanley a joint lead bookrunner. Credit Suisse is administrative agent.

Corporate and facility ratings are BB+/Ba1, with a 3 recovery rating from S&P Global Ratings.

Prague-headquartered Avast is a consumer cybersecurity company.