Websense gets $225 million amended and restated credit facility

By Sara Rosenberg

New York, Oct. 17 - Websense Inc. closed on a $225 million amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Morgan Stanley acted as lead arranger, bookrunner and administrative agent on the deal that was completed on Oct. 11, with Bank of America as syndication agent, and Key Bank, JPMorgan and Citibank as co-documentation agents.

The facility consists of a $210 million five-year term loan and a $15 million revolver, with both tranches initial priced at Libor plus 250 basis points. Pricing on the tranches can step down based upon improvements in the company's total leverage ratio.

The term loan amortizes at a rate of 2.5% in year one, 10% in year two, 12.5% in year three, 15% in year four and 60% in year five.

Financial covenants include a consolidated leverage ratio and a consolidated interest coverage ratio.

Proceeds were used to help fund the acquisition of SurfControl plc.

Websense is a San Diego-based developer and marketer of Web filtering services that help organizations in managing their networks and computing resources.

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