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The following content is from an older version of this website, and may not display correctly.Hosting services provider Savvis has secured a three year $50 million revolving credit facility with an option to extend it to $100 million within 12 months subject to conditions.
The interest rate for the revolver is based on either a prime rate or LIBOR rate plus applicable margin, which would be approximately 7.5 percent at current rates.
Borrowings under the credit facility may be used to fund working capital, capital expenditures and for general corporate purposes.
In addition, the credit facility includes a letter of credit sub-facility. At present, there are approximately $24 million in outstanding letters of credit and no outstanding borrowings under the revolver.
Wells Fargo Foothill served as the lead arranger and will also act as agent for the three-year term, $50 million facility.
For up to one year from closing, the company has the option to upsize the facility to a maximum of $100 million, subject to the satisfaction of certain conditions.
The interest rate for the revolver is based on either a prime rate or LIBOR rate plus applicable margin, which would be approximately 7.5 percent at current rates.
Borrowings under the credit facility may be used to fund working capital, capital expenditures and for general corporate purposes.
In addition, the credit facility includes a letter of credit sub-facility. At present, there are approximately $24 million in outstanding letters of credit and no outstanding borrowings under the revolver.
Wells Fargo Foothill served as the lead arranger and will also act as agent for the three-year term, $50 million facility.
For up to one year from closing, the company has the option to upsize the facility to a maximum of $100 million, subject to the satisfaction of certain conditions.