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.
Announcement of the financing deal also follows a recent shareholder's report 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.
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