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Terremark Offers Public Exchange web hosting news |
Want to add a web hosting news article ? Just do'it, it's free! Use submit form for hosting news!| Terremark Offers Public Exchange May 3, 2007 | Data center operator Terremark Worldwide (terremark.com) announced on Wednesday that it has completed a private exchange offer with a limited number of holders for $57.2 million aggregate principal amount of its outstanding 9 percent senior convertible notes due 2009 in exchange for an equal aggregate principal amount of the company's newly issued 6.625 percent senior convertible notes due 2013.
Today the company also announced that it will initiate a public exchange offer to the remaining holders of its outstanding notes to exchange any and all of their outstanding notes for an equal aggregate principal amount of new notes.
The terms of the new notes are similar to the terms of the outstanding notes except that the new notes don't have a company redemption option, the early conversion incentive payment that's applicable to the outstanding notes doesn't apply to the new notes and the new notes provide for a make whole premium payable upon conversions occurring in connection with a change in control in which at least 10 percent of the consideration is cash.
Last week, Terremark Worldwide was approved for listing on the NASDAQ Global Market under the symbol "TMRK." | Reads: 746 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/050307_Terremark_Offers_Public_Exchange.cfm
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