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Terremark Closes on $48 Mil Credit Facility

MIAMI-Ocean Bank fulfills commitment to provide the locally based provider of Internet infrastructure and managed services with a source of funds for debt restructuring purposes.

By David R. Corder | Updated on September 07, 2001

MIAMI-Publicly traded stock in Terremark Worldwide Inc. dipped again in reaction to the announcement Thursday that the company had closed on the commitment from Ocean Bank to provide a $48 million credit facility.

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.

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