Correction: Terremark Worldwide plans to issue new notes for 9%, 0.5% convertibles

The Prospect News Convertibles Daily incorrectly reported that Terremark Worldwide, Inc.'s 6.625% senior convertible notes due 2013 were part of the company's exchange offer due to an incorrect 10-Q filing with the Securities and Exchange Commission. Terremark actually plans to start an exchange offer during which it will issue new notes with an extended term in exchange for its 9% senior convertible notes due 2009 and 0.5% senior subordinated convertible notes due June 30, 2009.

If the company is not able to extend the notes, it said that it will have to repay them, which could restrict its ability to fund future capital projects and grow its business.

The Miami-based operator of internet and telecommunications infrastructure issued an equal amount of the 6.625% notes in exchange for $57.2 million of its 9% notes on May 2, 2007.

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