SafeNet pays $252.8 million due on 2.5% convertibles following acceleration notice

By Caroline Salls

Pittsburgh, Nov. 13 - SafeNet, Inc. paid the $252.8 million due on its 2.5% convertible subordinated notes due 2010 following acceleration of the notes, according to an 8-K filing with the Securities and Exchange Commission.

The payment included $250 million in principal and $2.5 million in interest, plus $300,000 in liquidated damages payable under the note indenture.

As previously reported, the company received the acceleration notice on Oct. 16 from indenture trustee Citibank, NA for failure to file its 10-Q quarterly report for the period ended June 30.

SafeNet received a notice of default on Aug. 14 and failed to cure the default in the 60-day grace period.

SafeNet is a Baltimore information security company.

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