June 10, 2004 -- (WEB HOST INDUSTRY REVIEW) -- Terremark Worldwide (terremark.com), a builder and operator of tier-1 network access points and network services, announced on Thursday that it agreed to privately place $75 million of nine percent senior convertible notes due June 15, 2009. The notes will be convertible at the option of the holder into Terremark common stock at $1.25 per share. The sale of the notes, subject to customary closing conditions, is expected to close on June 14, 2004, the company said.
Terremark says it plans to use the proceeds of the offering to pay down its outstanding debt. The company says the funds have also been earmarked for possible acquisitions and general capital expenditures.
