Websense gets $120 million revolver led by Bank of America, KeyBank

By Sara Rosenberg

New York, Oct. 26 - Websense Inc. closed on a new $120 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Bank of America and KeyBank acted as the joint lead arrangers on the deal, with Bank of America the bookrunner.

Pricing on the revolver is Libor plus 175 basis points, as long as the ratio of debt to adjusted EBITDA is less than 1.25. If leverage is higher, pricing is Libor plus 200 bps.

Proceeds are being used to repay in full the $67 million balance on the company's existing term loan, to replace the existing revolver and for share repurchases and other general corporate purposes.

The facility was completed on Oct. 22, but will not become effective until Oct. 29.

Websense is a San Diego, Calif.-based provider of web security, data security and e-mail security.

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