Morgan Stanley, HSBC Provide AVG Credit Facilities
AVG Technologies, an online security company, announced it entered into a commitment letter with Morgan Stanley Senior Funding, HSBC Securities, HSBC Bank Plc and HSBC Bank USA for senior secured credit facilities in the amount of up to $300 million.
The facilities will consist of a term loan B in the amount of up to USD 250 million and a revolving credit facility in the amount of up to USD 50 million. The tenor of the term loan is six years and the tenor of the RCF is five years. The facilities will primarily be used for the acquisition of location labs, as well as other general corporate purposes, including future potential acquisitions.