Terremark incurs added interest on senior secured notes until June 17

By Susanna Moon

Chicago, June 14 - Terremark Worldwide, Inc. incurred additional interest on its senior secured notes because of its failure to timely file the exchange offer registration statement or complete the exchange offer, according to an 10-K filing with the Securities and Exchange Commission.

As of March 31, the company had incurred $1.6 million of additional interest. It has continued to accrue at a rate of 0.75% per year since March 31 and will continue to accrue until June 17, when the company's exchange offer is expected to close.

The company completed the exchange offer on May 18.

After settlement of the offer on June 17, the company will no longer have any obligation to pay additional interest on the senior secured notes.

Terremark is an information technology company based in Miami.

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