Neither officials at the Miami-based bank nor its clients have disclosed details about 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.
In a prior announcement, though, 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.
News of the closing comes as publicly traded shares in Terremark, which owns and manages the 700,000-sf Technology Center of the Americas in Downtown Miami, continue to fall from the 52-week high of $3.31 posted in the fourth-quarter last year to 78 cents a share Thursday at the close of the markets.
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