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MIAMI-Terremark Worldwide Inc. reacted enthusiastically on Friday to word that Ocean Bank tentatively agreed to extend the company a $48 million credit facility.

Once the deal closes, the Miami-based provider of Internet infrastructure and managed services expects to use the proceeds to refinance existing debt and as a source of new working capital.

Neither officials at Terremark nor the Miami-based bank disclosed details on the financing arrangement, except to say that Terremark pledged the assets of NAP of the Americas, a subsidiary that operates the fifth tier-one network access point, or Internet switching service, ever developed.

Announcement of the financing arrangements follows a report last week that Terremark posted a 45.1% increase in first-quarter net losses on a 212% gain in total revenue.

The company reported a net loss of $7.98 million, or four cents a share, on total revenue of $5.69 million for the three months ended June 30, compared with a net loss of $5.5 million, or four cents per share, on total revenue of $1.82 million for the same period in 2000.

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