|
|
 |
| Hosting News |
IWeb Receives $22M in Financing web hosting news |
Want to add a web hosting news article ? Just do'it, it's free! Use submit form for hosting news!| iWeb Receives $22M in Financing Aug 28, 2008 | Web hosting provider iWeb Group (iweb.com) and Goldman Sachs Credit Partners announced on Thursday it has reached a $22 million financing agreement.
This has been a significant year for the Montreal, Canada-based web host, with this latest announcement adding to other key moves the company has made in preparing for its long-term business growth.
In March, iWeb Group launched its brand new corporate identity and coinciding website. The company was previously called iWeb8 and its website was located at iWeb8.com.
Then, just one month prior, the company increased its term loans facility from $1.5 million to $2.5 million, giving iWeb an additional $1 million of total credit with the Bank of Montreal.
This latest financing will secure will cover iWeb's financial requirements for the long term growth of the company's data centers, as well as its dedicated server leasing and web hosting operations, says iWeb.
"With this agreement, Goldman Sachs will provide financing to allow us to further our business objectives," says Eric Chouinard, iWeb CEO. iWeb will initially receive $10 million USD in senior debt over five years at an interest rate of 16 percent, with $1 million in common shares to be issued to Goldman Sachs at $1.30 per share with a four-month hold period.
A subsequent $1 million in shares will follow at $1.30, subject to certain market conditions.
Under the second part of the agreement, Goldman Sachs can provide an additional $8 million in senior debt with $2 million in shares to be issued at market price. These figures are all subject to certain conditions and performance indicators.
The 12-year-old iWeb provides advanced IP hosting services through shared hosting, dedicated servers or colocation in three data centers the span over 48,000 square feet of floor space. | Reads: 1108 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/082808_iWeb_Receives_22M_in_Financing.cfm
<-- Previous web hosting article: The Planet Reduces Backup by 50% | Next web hosting article: n|Frame Hosts Efficiency Webinar --> |
|
Want to add a WEB HOSTING news article ? Just do'it, it's free! Use submit form for web hosting news! |
| |
| | |
