NaviSite Lines Up $100M Expansion Financing
Managed hosting provider NaviSite, Inc. (NAVI) announced Friday that it has lined up a $100 million senior debt facility, which it will use to retire existing debt and fund a planned data center expansion program by NaviSite. CIBC World Markets Corp arranged the new financing, which includes a six-year $90 million term loan and a five year $10 million revolving credit facility. NaviSite said
NaviSite said it would use proceeds from the term loan to pay off its existing debt with Silver Point Finance LLC, which in April 2006 provided NaviSite with a $73 million credit facility. NaviSite has more than 1,000 customers and 14 data centers in the U.S., United Kingdom and India. The Andover, Mass. company provides application hosting services and operates a content distribution network.