Wireless News
03-24-2011
AVG Technologies Signs Agreement for New $235 Million Financing
Type: News
AVG Technologies, a provider of consumer security software, announced it has entered into a new credit agreement with a syndicate arranged by J.P Morgan and Morgan Stanley, in its first- ever capital markets transaction.
The $235 million secured, five-year term loan will provide the company with the resources to realize strategic growth opportunities, as well as paying a dividend to its shareholders.
"AVG has created one of the world's largest installed customer bases for anti-virus software, and has delivered powerful security technologies and solutions that are proven and well-respected in the market," said J.R. Smith, CEO of AVG. "The potential and growth opportunities for our business are extraordinary, and we are delighted that the market has recognized that potential with this new credit facility led by two of the most respected global institutions, J.P. Morgan and Morgan Stanley. This financing further strengthens AVG's market position, provides additional financial flexibility, and enhances our ability to execute our strategic plans."
"We are very pleased with the outstanding support received from our lending group and their validation of our strategic approach and our ability to simultaneously deliver top-line growth, solid cash generation, and a lean cost structure," said John Little, CFO of AVG. "It also was compelling to offer our first ever public capital markets transaction mainly to U.S. investors, given the majority of our revenues are derived from the U.S., and the extensive interest in our sector from the U.S. market."
AVG is a global security software maker protecting more than 110 million consumers and small businesses in 170 countries from the incidence of Web threats, viruses, spam, cyber-scams and hackers on the Internet.
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