Houston, Texas – (The Hosting News) – October 27, 2008 – Privately held dedicated web hosting company, The Planet, has secured a new $45 million credit facility, as Wachovia Bank NA leads the transaction with $30 million, followed by Bank of America with $15 million.
Douglas J. Erwin, Chairman and Chief Executive Officer of The Planet noted, ”This financing will fund our demand-driven expansion plans and strategic initiatives over the next few years. In the near future, we will make several announcements relative to our strategic areas of investment.”
Kevin Klausmeyer, Chief Financial Officer at The Planet remarked, ”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. Adding to our excitement, we just concluded another strong quarter, once again achieving record top-line growth. I would also like to personally thank the teams from both Wachovia and Bank of America, led by Bill Bobbora and Amy Carenza, respectively, who remained focused and committed throughout the financing process.”
Ultimately, The Planet’s goal is to provide:
- High levels of network capacity and speed to deliver peak performance
- Instant scalability to handle even the largest spikes in network traffic
- Parallel, redundant, multi-tiered network routing and switching architecture to assure reliability and stability
- Multiple layer network security that prevents Delayed Denial of Service (DDOS) attacks from harming businesses
- Knowledgeable experts with a passion for excellence and a commitment to operate the best networks in the business
The Planet is the leading provider of On Demand IT Infrastructure solutions, hosting more than 22,000 small and medium size businesses and 12 million Web sites worldwide. The Planet Alpha division provides the widest array of self-managed dedicated servers and advanced services backed by 24x7x365 support. The Planet Northstar Managed Hosting division combines a proactive methodology and seasoned IT experts to deliver a fully managed hosting solution, with the best choice of servers, software tools and world-class support, backed by state-of-the-art facilities and an enterprise-class network.
For more about The Planet, please visit: www.theplanet.com.