Terremark Worldwide proposed a private offering of secured notes worth a total of about $400 million.

The company said it will use most of the capital raised to repay debt (about $258.2 million total), and will use the rest for "working capital and other general corporate purposes," some of which may include building out facilities and business acquisitions.

Terremark Spokesman Xavier Gonzalez said the company would not provide much detail about its plans for the capital raised before pricing is determined. "Once the offering is priced out and completed we'll be able to give much more details," he said.

Interest rate on the notes - due in 2017 - will be determined at pricing the company said. Terremark and its domestic subsidiaries will guarantee the notes on almost all assets of the company. Debt to be will be repaid by the proceeds is an outstanding $254.2 million worth of secured credit facilities, according to the statement.