SafeNet to launch $255 million credit facility on Wednesday

By Sara Rosenberg

New York, Feb. 18 - SafeNet Inc. is scheduled to hold a bank meeting at 2:30 p.m. ET on Wednesday to launch a $255 million credit facility, according to a market source.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the lead banks on the deal.

The facility consists of a $30 million five-year revolver, a $175 million six-year first-lien term loan and a $50 million seven-year second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and fund a dividend.

SafeNet is a Belcamp, Md.-based provider of information security software and encryption technology.

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