INAP Successfully Completes $300M Senior Secured Debt Refinancing
- New Senior Secured Credit Facility includes a $300M First Lien Term Loan and a $25M undrawn Revolver
- Proceeds used to refinance the existing Senior Credit Facility and Revolver
- Maturities extended out to October 2021 (Revolver) and April 2022 (Term Loan)
- The new Credit Facility provides INAP with improved flexibility for its Business Plan
ATLANTA – (April 6, 2017) — Internap Corporation (NASDAQ: INAP), (“INAP” or the “Company”), a provider of high-performance Internet infrastructure including Colocation, Cloud, and Network Services, today announced that it closed on $325 million in new credit facilities to complete its senior secured debt refinancing in an oversubscribed transaction. The new facility provides INAP with additional flexibility to support its long-term growth objectives, including less restrictive debt and interest coverage covenants. The First Lien Term Loan and Revolver will both be priced at Libor +700, and reflects a current Corporate Rating of B3 / B.
“Today marks a significant accomplishment of one of the many financial objectives that we envisioned for INAP’s new chapter of success”, stated Peter D. Aquino, President and CEO of INAP. “Now that the balance sheet is refinanced with the structure and flexibility needed to operate our business for the long-term, we can concentrate on our advantages to capture the growing demand for colocation, cloud, and network connectivity in the global markets that we serve. This is a very exciting milestone for the Company, and I want to thank our INAP employees and board members for their support in this accelerated effort, as well as our customers, shareholders, and new lenders.”
Advisors to the Company included Jefferies LLC as the lead arranger for the credit facilities and Jenner & Block LLP as the Company’s legal counsel.
About Internap Corporation
Internap Corporation (NASDAQ: INAP) is a leading technology provider of Internet infrastructure through both Colocation Business and Enterprise Services (including network connectivity, IP, bandwidth, and Managed Hosting), and Cloud Services (including enterprise-grade AgileCLOUD 2.0, Bare-Metal Servers, and SMB iWeb platforms). INAP’s global high-capacity network connects 15 company-controlled Tier 3-type data centers in major markets in North America, 34 wholesale partnered facilities, and points of presence in 26 central business districts around the world. INAP continues to transform since its inception in 1996, meeting customer demand for custom solutions and high-touch state-of-the-art colocation and cloud products and services. INAP now operates a premium business model that also provides high-power density colocation, low-latency bandwidth, and public and private cloud platforms in an expanding internet infrastructure industry. For more information, visit www.inap.com.
INAP Investor ContactsRichard Ramlall
Carolyn Capaccio/Jody Burfening