Terremark plans new $250 million credit facility

By Sara Rosenberg

New York, June 12 - Terremark Worldwide, Inc. is planning on getting a new $250 million credit facility, according to a company news release.

The facility consists of a $150 million first-lien term loan and a $100 million second-lien term loan.

Credit Suisse is the lead bank on the first-lien and Tennenbaum Capital Partners is the lead on the second-lien.

Proceeds will be used to repay all of the company's current outstanding secured debt as well as provide capital for its expansion plan.

The facility is expected to close in July.

Terremark is a Miami-based operator of carrier-neutral integrated internet exchanges and provider of managed IT infrastructure services.

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