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Exhibit 99.01
For Immediate Release
Contacts:
Maureen O'Connell (media)
Exodus Communications, Inc.
408.346.2218
[email protected]
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Jane Underwood (investors)
Exodus Communications, Inc.
408.346.2191
[email protected]
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EXODUS COMMUNICATIONS SECURES $600,000,000 SENIOR SECURED CREDIT FACILITIES
Santa Clara, CA, November 1, 2000 - Exodus Communications(TM), Inc. (NASDAQ:
EXDS) today announced it has entered into agreements with a syndicate of leading
financial institutions providing for up to $600 million in senior secured
credit. Under the facilities, Exodus(R) will be permitted to borrow up to $225
million over the next five years on a revolving basis and up to $375 million in
two tranches under senior secured term loans due in five years and seven years,
respectively. The availability of the facilities will be subject to satisfaction
of various conditions.
Commenting on the facilities, Marshall Case, Exodus' Chief Financial Officer,
said "these facilities give Exodus access to a new, important source of capital
to continue to execute our business plan. It also demonstrates the company's
ability to access capital even during challenging market conditions."
Chase Securities Inc. acted as sole book manager and joint-lead arranger,
Goldman Sachs Credit Partners L.P. acted as joint-lead arranger and
documentation agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as
syndication agent, and Morgan Stanley Senior Funding, Inc. acted as
documentation agent. Chase Manhattan Bank is acting as administrative agent for
the facilities.
About Exodus Communications
Exodus Communications is the leading provider of complex Internet hosting for
enterprises with mission-critical Internet operations. The company offers
sophisticated system and network management solutions along with professional
services to provide optimal performance for customers' Web sites. Exodus manages
its network
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infrastructure via a worldwide network of Internet Data Centers (IDCs) located
in North America, Europe and Asia Pacific. More information on Exodus can be
found at www.exodus.net.
Forward Looking Statements
This press release contains forward-looking statements. Exodus cannot give any
assurance that the plans, intentions or expectations reflected in those
statements will be achieved. The matters discussed in this press release involve
risks and uncertainties described from time to time in Exodus' filings with the
Securities and Exchange Commission. In particular, Exodus' short operating
history and fluctuating operating results make its business difficult to
evaluate, and the substantial indebtedness represented by existing and
anticipated debt may adversely affect its cash flow. Furthermore, there is no
assurance that the borrowing conditions for the credit facilities will be
satisfied or that the anticipated amounts of borrowings will be available. These
and other risk factors are discussed in the Company's SEC filings, including its
most recent Form 10K and Form 10-Q. Exodus does not assume any obligation to
update the forward-looking information contained in this press release except as
required by law.
. . . end . . .
Exodus and Exodus Communications are trademarks of Exodus Communications, Inc.,
and may be registered in certain and may be registered in certain jurisdictions.
All other trademarks mentioned in this document are the property of their
respective owners.
