AVATION PLC — Capital/Financing Update 2021

Mar 23, 2021

National Storage Mechanism | Additional information

RNS Number : 0950T

Avast PLC

23 March 2021

Avast plc

Successful Completion of Term Loan Refinancing

23 March 2021

Avast plc announces that it has successfully priced and completed a USD 480 million and a Euro 300 million Senior Secured Term Loan B (together, the "Facilities"). The new 7-year Facilities, which are repayable in March 2028, will be used by Avast to fully refinance its existing Senior Secured Term Loan B due September 2023.

Final pricing for both tranches of the new Facilities is 2.0% above LIBOR/EURIBOR (subject to a 0.0% floor) at an original issue discount of 0.25%. In response to strong investor demand, this is inside original guidance of LIBOR/EURIBOR +2.25% at a discount in the range 0.25% to 0.5%, and represents a saving of 25bps versus the existing pricing.

Credit Suisse was the physical lead bookrunner on the deal, and Morgan Stanley a joint lead bookrunner. 

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