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.
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
Peggy Reilly Tharp