SafeNet plans to price $200 million of five-year convertibles, buy back stock

By Rebecca Melvin

Princeton, N.J., Dec. 6 - SafeNet Inc. said it plans to offer $200 million of five-year convertible subordinated notes in an offering under Rule 144A.

There is a $50 million greenshoe.

About $50 million of the proceeds will be used to buy back stock in privately negotiated transactions, the company said in a press release.

Proceeds, other than those used for share buybacks, will be used for general corporate purposes and possibly for future acquisitions.

No further details were available at press time.

Belcamp, Md.-based SafeNet is a security-services software company.

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