SafeNet updates pricing on first- and second-lien term loans

By Sara Rosenberg

New York, Feb. 28 - SafeNet Inc. firmed pricing on its $175 million six-year first-lien term loan (B1/B+) at Libor plus 450 basis points, the wide end of the Libor plus 425 bps to 450 bps talk, and reduced pricing on its $50 million seven-year second-lien term loan (Caa1/CCC+) to Libor plus 750 bps from talk of Libor plus 775 bps to 800 bps, according to a market source.

Also, the original issue discount on the first-lien term loan came at 99, the wide end of the 99 to 99½ talk, the source said.

As before, both term loans have a 1% Libor floor, the first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has an original issue discount of 98½ and call protection of 102 in year one and 101 in year two.

The company's $255 million credit facility also includes a $30 million five-year revolver.

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

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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