Oct 20, 2008 : The Planet Gets $45m Credit

📅 October 20, 2008 - Securing $45 million in credit for expansion, dedicated and managed hosting provider The Planet (theplanet.com 👉 Total Reviews: 3
🙌 Average Rating: 1 / 10
👍 Good Reviews: 0
👎 Bad Reviews: 3
👈 Official Responses: 0 -> softlayer.com -> ibm.com) has won investor confidence despite a prevailing market atmosphere of uncertainty.


"This financing will fund our demand-driven expansion plans and strategic initiatives over the next few years," The Planet chairman and chief executive officer Douglas J. Erwin said in a statement. "In the near future, we will make several announcements relative to our strategic areas of investment."

According to the Planet's announcement Monday, Wachovia Bank NA (wachovia.com) leads the transaction with $30 million, followed by Bank of America with $15 million.

"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," The Planet chief financial officer Kevin Klausmeyer said in a statement. "Adding to our excitement, we just concluded another strong quarter, once again achieving record top-line growth."

The Planet is the latest Web host to announce a financial commitment from investors. In late August, iWeb (iweb.com 👉 Total Reviews: 10
🙌 Average Rating: 1.8 / 10
👍 Good Reviews: 1
👎 Bad Reviews: 9
👈 Official Responses: 0) was promised $22 million to fund long-term expansion from Goldman Sachs Credit Partners, a company that has been suffering the US economic meltdown more than many.