April 30, 2002 -- Internap Network Services Corporation will gain access to an addition $5 million under an expansion of its credit line with Silicon Valley Bank, the company said today.
Under the agreement, Silicon Valley Bank will expand the existing $15 million credit line by $5 million if Internap meets "certain financial metrics."
"Internap has continued to demonstrate steady improvement as it seeks to achieve profitability," said Alan Spurgin, Senior Vice President and Division Manager of Silicon Valley Bank's Southeast Region. "This extension of the agreement we implemented in December 2002 will provide Internap with more liquidity to support their growth objectives."
Internap said its significantly reduction in its debt in the past year has led to measurable improvement in its performance.
"This new facility will improve the company's financial flexibility as we continue to focus on achieving positive free cash flow by the end of 2003," said Robert R. Jenks, Chief Financial Officer of Internap.
Founded in 1996, Internap offers services in numerous key markets throughout the United States, Europe and Japan including Amsterdam, Atlanta, Boston, Chicago, London, Los Angeles, New York, San Francisco, San Jose, Seattle, Tokyo and Washington, DC.
Silicon Valley Bank was founded in 1983 and serves more than 9,500 clients across the country through 27 regional offices.