Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Equinix, Inc. > News item |
Equinix exchanges further $17 million of notes for equity
New York, April 18 - Equinix, Inc. said it exchanged a further $17 million of its 13% senior notes due 2007 for equity, bringing the total of notes retired "at significant discounts" to $42 million.
In the latest exchange, the Mountain View, Calif. Internet exchange services provider issued 6.7 million shares of common stock for the notes. Total shares outstanding is now 96.8 million.
In the first quarter Equinix exchanged $25 million of the notes for stock.
Equinix also noted it repaid $45 million of its senior credit facility in October 2001.
The debt reduction actions overall will cut interest expense by $8.7 million a year.
"In a short amount of time, we have substantially reduced our outstanding debt-by nearly 25% - on terms that we consider very favorable to our stockholders," said Peter Van Camp, chairman and chief executive officer of Equinix, in a news release.
Van Camp said Equinix is looking for further opportunities to deleverage but he added that he does not expect further debt for equity exchanges at the current stock price. Equinix stock closed at $0.68 Wednesday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.