Hosting News
Savvis Refinances Revolving Credit Facility
2008-12-08
ST. LOUIS, MO ? December 8, 2008 ? Savvis Inc. (NASDAQ:SVVS), a global
leader in outsourced managed computing and network infrastructure for IT
applications, announced that it completed the refinancing of its revolving
credit facility on December 8, 2008.
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, part of Wells Fargo & Company (NYSE:WFC), 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.
About Savvis
Savvis Inc. (NASDAQ:SVVS) is an outsourcing provider of managed computing and
network infrastructure for IT applications. By outsourcing to Savvis,
enterprises can focus on their core business while Savvis ensures the quality of
their IT infrastructure. Leading IT organizations around the world have selected
Savvis to help them improve their service levels, reduce capital expense and
deal with the rising costs of bandwidth, energy, real estate, staff and
expertise. As a pioneer in utility computing, Savvis understands and harnesses
the latest advances in technology like virtualization, cloud computing and
support process automation. For more information about Savvis, visit
www.savvis.net
CONTACTS:
Investors:
Peggy Reilly Tharp
(314) 628-7491
peggy.tharp@savvis.net
Media:
Carter Cromley
(703) 667-6000
carter.cromley@savvis.net
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