Terremark Completes Sale of an Additional $11.25 Million of Convertible...
06/17/2004
MIAMI, Jun 17, 2004 (BUSINESS WIRE) -- Terremark Worldwide, Inc. (AMEX:TWW), a leading operator of integrated Tier-1 Internet exchanges and
best-in-class network services, today announced that it has completed the sale of the previously announced $11.25 million over allotment
option of its 9.0% Senior Convertible Notes due June 15, 2009, to qualified institutional buyers. This sale brings the aggregate amount of
Notes sold to $86.25 million. Terremark is using the net proceeds from this offering to repay all of its outstanding debt, for possible acquisitions
and for general corporate purposes.
The Notes bear interest at a rate of 9.0% per annum, payable semi-annually, beginning on December 15, 2004. The Notes will be convertible at the
option of the holder into Terremark common stock at $1.25 per share.
McMahan Securities Co. L.P. served as the sole placement agent for the Company in connection with this transaction.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which said offer, solicitation or sale is unlawful. The notes and the common stock to be issued
upon conversion have not been registered under the Securities Act or applicable state securities laws and unless so registered may not be
offered for sale in the United States except pursuant to an exemption from the registration requirements of the Securities Act or applicable
state securities laws.
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