Security Software Maker AVG Announces $235 Million Financing Deal
Consumer security software company AVG Technologies this morning announced it has entered into a new credit agreement with a syndicate arranged by J.P Morgan and Morgan Stanley. The company has secured a five-year term lean for $235 million in its first-ever capital markets transaction.
AVG says the financing deal provides the company with “the resources to realize strategic growth opportunities”. The company will also pay a dividend to its shareholders.
AVG CEO J.R. Smith commented on the financing thusly:
“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 was originally founded back in 1991. The company says it currently protects more than 110 million consumers and small businesses in 170 countries from viruses, spam, cyber-scams and hackers on the Internet.