Neither officials at the Miami-based bank nor its clients havedisclosed details about the financing arrangement, except to saythat Terremark pledged the assets of NAP of the Americas, asubsidiary that operates the fifth tier-one network access point orInternet switching service.
In a prior announcement, though, the Miami-based provider ofInternet infrastructure and managed services expects to use theproceeds to refinance existing debt and as a source of new workingcapital.
News of the closing comes as publicly traded shares inTerremark, which owns and manages the 700,000-sf Technology Centerof the Americas in Downtown Miami, continue to fall from the52-week high of $3.31 posted in the fourth-quarter last year to 78cents a share Thursday at the close of the markets.
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