Jun 15, 2004 : Savvis Names New Financing Partner

📅 June 15, 2004 - Telecommunications company SAVVIS Communications (savvis.net -> lumen.com) announced on Monday that it has expanded its financing group with the purchase of $7.5 million of existing subordinated debt by private equity fund GI Partners, from long-time SAVVIS financing partner Welsh, Carson, Anderson & Stowe.

SAVVIS closed on the acquisition of the assets of Cable & Wireless USA Inc. and Cable & Wireless Internet Services Inc. in March. At the time the company issued $200 million of subordinated debt to fund the purchase and provide ongoing working capital for the new assets.
"We are delighted to welcome a firm with GI Partners' expertise and track record to the roster of our key financing partners," says SAVVIS chief financial officer Jeff Von Deylen. "Their investment is a clear show of confidence in the company's business strategy and growth potential. SAVVIS has attracted top-caliber financing partners, who have consistently supported the company's development of a successful business model and its financial growth. As we continue to integrate the Cable & Wireless business, we remain fully committed to creating value for all of our investors."

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URL source: http://www.thewhir.com/marketwatch/sav061504.cfm

Company: Savvis [savvis.net -> lumen.com]

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