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AVG Announces New Credit Facility

Stocks in this article: AVG

AMSTERDAM, May 1, 2013 /PRNewswire/ -- AVG Technologies N.V. (NYSE: AVG), the provider of Internet and mobile security, privacy and optimization to 150 million active users, today announced that it has entered into a new $75 million credit facility with HSBC that will support AVG's financing requirements over the next three years.

"We are extremely pleased that we were able to conclude this agreement with our primary relationship bank.  The growth of our business, the growth of our cash flows, and having partners like HSBC, put us in an excellent position for future development", stated John Little, CFO of AVG Technologies N.V.  "The new credit facility will reduce our interest charge by approximately $3.5 million a year at current rates, and the terms of the facility provide us with the flexibility we need to manage our finances and support our growth strategy over the near term."

The new credit facility consists of a $25 million six month term US dollar loan and a $50 million three year multicurrency revolving credit facility.  The facility bears interest at LIBOR[1] plus 2.5 percent, which compares with LIBOR plus 6.0 percent, with a minimum rate of 7.5 percent, 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 honoured 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 plc.  "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."

Conference Call Information

There is no conference call connected with this announcement.

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