The Planet, the global leader in IT hosting, today announced it has secured a new $45 million credit facility. Wachovia Bank NA leads the transaction with $30 million, followed by Bank of America with $15 million.
"This financing will fund our demand-driven expansion plans and strategic initiatives over the next few years," said The Planet's Chairman and Chief Executive Officer Douglas J. Erwin. "In the near future, we will make several announcements relative to our strategic areas of investment."
"Given the unprecedented economic environment, this financing facility is a testament to The Planet's consistently strong performance, as well as its healthy balance sheet and solid cash flows. Adding to our excitement, we just concluded another strong quarter, once again achieving record top-line growth," said Kevin Klausmeyer, The Planet's Chief Financial Officer. "I would also like to personally thank the teams from both Wachovia and Bank of America, led by Bill Bobbora and Amy Carenza, respectively, who remained focused and committed throughout the financing process."
Terms of the transactions were not disclosed.
About The Planet
The Planet is the leading provider of On Demand IT Infrastructure solutions, hosting more than 25,000 small- and medium-size businesses and 13.3 million Web sites worldwide. The Planet Alpha division provides the widest array of self-managed dedicated servers and advanced services backed by 24x7x365 support. The Planet Northstar Managed Hosting division combines a proactive methodology and seasoned IT experts to deliver a fully managed hosting solution. With the best choice of servers, software tools and world-class support, backed by state-of-the-art facilities and an enterprise-class network, The Planet turns IT into a powerful competitive advantage that enables customers to grow their businesses. For additional information, visit www.theplanet.com.
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