Jan 9, 2009 : Switch and Data Takes $22.5M Credit


📅 - Colocation provider Switch and Data (switchanddata.com) has borrowed an additional $22.5 million through an existing credit line with the Royal Bank of Canada to fund its expansion in the New York metro area, according to a filing with the Securities and Exchange Commission.

Switch and Data joins other providers that have extended their line of credit during the economic downturn, including Rackspace Hosting and Newtek Business Services.

The company said the line of credit brings the total borrowings under the agreement to $142.5 million.

This will be used to support the company's data center investments in 2009, including the lease for its new facility in North Bergen, New Jersey.

According to the filing, Switch & Data estimates that its capital expenditures for 2009 will total $65 million.

Switch & Data Holdings is a wholly owned subsidiary of Switch & Data Facilities co., which provides Internet exchange and colocation services.

In November, fiber-optic connectivity solutions provider AboveNet began offering a full suite of high-bandwidth Ethernet, IP and fiber data transport services to customers in Switch and Data's North Bergen data center.

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