HSBC Provides New $75MM Facility for AVG Technologies
AVG Technologies N.V., a provider of internet and mobile security, announced it has entered into a new $75 million credit facility with HSBC that will support AVG’s financing requirements over the next three years.
The new credit facility consists of a $25 million six month term U.S. dollar loan and a $50 million three-year multicurrency revolving credit facility. The facility bears interest at LIBOR plus 2.5%, which compares with LIBOR plus 6.0%, with a minimum rate of 7.5%, under the previous credit agreement.
The outstanding principal amount of $77.8 million under the previous credit agreement has been fully repaid, utilizing $75 million in borrowings from the new credit facility.
“HSBC has a growing corporate banking office in the Netherlands and we are honored to work with the AVG team to structure this new $75 million facility”, commented Richard van der Meer, CEO of the Amsterdam branch of HSBC Bank. “As a result of our strong international capabilities and close relationship with AVG, we are also assisting AVG with their international banking requirements from global cash management to risk management. We are pleased that the new credit facility and other HSBC solutions will help support AVG’s exciting international growth strategy.”