Equinix Substantially Reduces Outstanding Debt

anonymous writes " Company Uses Proceeds of Offering to Repay more than 60% of Credit Facility Foster City, CA - December 1, 2003 - December 1, 2003 - Equinix, Inc. (Nasdaq: EQIX), the leading provider of network-neutral data centers and Internet exchange services, today announced that it has prepaid $55 million, or more than 60%, of the company's credit facility. With the prepayment, the term loan has been extended by one year, to mature in December 2006. The announcement comes after Equinix's recent underwritten public offering, which resulted in estimated net proceeds to Equinix of approximately $105 million following the underwriters' exercise of the over-allotment.

After the paydown, the credit facility will have a balance of $35.2 million. The paydown reduces Equinix's total debt level that requires cash interest payments to approximately $70 million and reduces its annual interest in 2004 to $7.0 million with a total interest to maturity of approximately $17 million.

"With the high level of demand in our secondary offering, we were pleased to be able to increase the number of shares offered, which is a strong statement of our momentum,” said Peter Van Camp, CEO of Equinix. “With this repayment, Equinix’s cash position now exceeds the amount of debt it has that requires cash interest payments, essentially making the company net debt free. This is strategically significant for Equinix. It positions us well to continue to expand our market leader position in the data center and Internet exchange business."

About Equinix
Equinix is the leading global provider of network-neutral data centers and Internet exchange services for enterprises, content companies, systems integrators and network services providers. Through the company's 13 Internet Business Exchange™ (IBX®) centers in five countries, customers can directly interconnect with every major global network and ISP for their critical peering, transit and traffic exchange requirements. These interconnection points facilitate the highest performance and growth of the Internet by serving as neutral and open marketplaces for Internet infrastructure services, allowing customers to expand their businesses while reducing costs.

Equinix and IBX are registered trademarks of Equinix, Inc. Internet Business Exchange is a trademark of Equinix, Inc.

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Investor Relations Contact:
Jason Starr
Equinix, Inc.
(650) 513-7402
jstarr@equinix.com

Media Contact:
David Fonkalsrud
K/F Communications, Inc.
(415) 255-6506
dave@kfcomm.com "