By Sheri Kasprzak
New York, Jan. 11 - Terremark Worldwide, Inc. settled a $4 million private placement of senior subordinated convertible notes and a $10 million placement of senior subordinated secured notes.
The convertible notes, sold to Credit Suisse International, bear interest at 0.5% annually for the first two years and at 1.5% annually through maturity on June 30, 2009. Interest is payable in kind.
The notes are convertible at $8.14 each.
The senior subordinated secured notes are due June 30, 2009 and bear interest at the Eurodollar rate plus 800 basis points annually, increasing to the Eurodollar rate plus 900 bps through maturity after Jan. 1, 2009.
The non-convertible notes were purchased by Credit Suisse, Cayman Islands Branch.
Both notes may be repurchased at the higher of par or their conversion value plus a premium.
Miami-based Terremark provides floor spaces for corporate and government clients' internet and telecommunications equipment.
| Issuer: | Terremark Worldwide, Inc.
|
| Issue: | Senior subordinated convertible notes
|
| Amount: | $4 million
|
| Maturity: | June 30, 2009
|
| Coupon: | 0.5% for first two years; 1.5% thereafter through maturity, payable in kind
|
| Conversion price: | $8.14
|
| Warrants: | No
|
| Investor: | Credit Suisse International
|
| Settlement date: | Jan. 5
|
| Stock symbol: | Amex: TWW
|
| Stock price: | $6.74 at close Jan. 5
|
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