Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for SafeNet Inc. > News item |
SafeNet to get new debt financing via Deutsche and Citi for buyout by Vector
By Sara Rosenberg
New York, March 5 - SafeNet Inc. plans on getting new debt financing via co-lead arrangers Deutsche Bank and Citigroup to help back its buyout by an investor group led by Vector Capital, according to a news release.
Under the terms of the agreement, a subsidiary of Vector Capital (Stealth Acquisition Corp.) will commence a tender offer to acquire all of the outstanding shares of SafeNet common stock for $28.75 per share in cash. The transaction is valued at about $634 million.
The tender offer is expected to commence on or before March 12.
The tender offer is conditioned upon, among other things, about 78% of SafeNet's shares being tendered. If the company becomes current in its SEC filings, the minimum tender condition will be reduced to a majority of the fully diluted eligible shares.
Provided that the minimum tender condition is met, the transaction is expected to be completed during the second quarter, subject to customary closing conditions and regulatory approvals. The transaction is not subject to financing.
SafeNet is a Belcamp, Md., developer, marketer and seller of hardware and software information security products and services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.