CarrierHotels.com home page
Printed from:
http://www.carrierhotels.com/news/2004/Apr/01/terremark_raises_10_million_print.html
By Rich Miller
Carrier Hotels Editor
Posted Apr 1, 2004
But the Miami-based developer, which has a history of innovative financing and support from private investors, was once again able to leverage its common stock to defuse a looming cash crunch.
Terremark issued $10 million in convertible preferred stock in exchange for $7.8 million in cash and $2.2 in promissory notes, with $1 million due April 25 and the remaining $1.2 million payable June 1. The preferred shares can be converted into common stock at 75 cents per share, and come with a total of 2.8 million warrants convertible into the common stock at an exercise price of 90 cents per share. Terremark's stock was trading at 74 cents a share in late-morning trading.
The funding follows the most successful year yet for Terremark's NAP of the Americas in Miami, which grew from 63 to 133 customers, signing new data center clients including InterNap, Hostopia, SAVVIS and the Department of Defense's US Southern Command.
Terremark's loss from operations was $4.9 million for the quarter ended Dec. 31, compared to a loss of $6.7 million for the previous quarter.
© 2004 Carrier Hotels, Inc., 116 Village Boulevard, Suite 200, Princeton, NJ 08540
http://www.carrierhotels.com -- Phone: (609) 243-7525
http://www.carrierhotels.com/news/2004/Apr/01/terremark_raises_10_million_print.html
Terremark Raises $10 Million
By Rich Miller
Carrier Hotels Editor
Posted Apr 1, 2004
Network access point operator Terremark Worldwide, Inc. today announced the sale of $10 million in convertible preferred stock, positioning the company to meet up to $3.8 million in short-term obligations.
But the Miami-based developer, which has a history of innovative financing and support from private investors, was once again able to leverage its common stock to defuse a looming cash crunch.Terremark issued $10 million in convertible preferred stock in exchange for $7.8 million in cash and $2.2 in promissory notes, with $1 million due April 25 and the remaining $1.2 million payable June 1. The preferred shares can be converted into common stock at 75 cents per share, and come with a total of 2.8 million warrants convertible into the common stock at an exercise price of 90 cents per share. Terremark's stock was trading at 74 cents a share in late-morning trading.
The funding follows the most successful year yet for Terremark's NAP of the Americas in Miami, which grew from 63 to 133 customers, signing new data center clients including InterNap, Hostopia, SAVVIS and the Department of Defense's US Southern Command.
Terremark's loss from operations was $4.9 million for the quarter ended Dec. 31, compared to a loss of $6.7 million for the previous quarter.
http://www.carrierhotels.com -- Phone: (609) 243-7525