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 20,000 small- and medium-size businesses and 15.7 million Web sites worldwide. Customers have the power to choose from the broadest range of hosting solutions in the industry, from dedicated servers, Managed Dedicated Servers, Northstar Managed Hosting and data center colocation, all backed by 24x7x365 support. With the best choice of servers, software tools and world-class service, backed by state-of-the-art data centers 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.