Once the deal closes, the Miami-based provider of Internet infrastructure and managed services expects to use the proceeds to refinance existing debt and as a source of new working capital.
Neither officials at Terremark nor the Miami-based bank disclosed details on the financing arrangement, except to say that Terremark pledged the assets of NAP of the Americas, a subsidiary that operates the fifth tier-one network access point, or Internet switching service, ever developed.
Announcement of the financing arrangements follows a report last week that Terremark posted a 45.1% increase in first-quarter net losses on a 212% gain in total revenue.
The company reported a net loss of $7.98 million, or four cents a share, on total revenue of $5.69 million for the three months ended June 30, compared with a net loss of $5.5 million, or four cents per share, on total revenue of $1.82 million for the same period in 2000.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
