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Exhibit 99.1
Media Contact: Susan Kraus, Genuity, 781-262-3511, [email protected]
Vaughn Harring, Genuity 781-262-4659, [email protected]
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Investor Relations: George Lieb, Genuity, 781-262- 4121, [email protected]
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Ed Harper, Genuity, 781-262- 3553, [email protected]
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September 7, 2000
12. Genuity Secures $2 Billion Credit Agreement
(a) Consortium of Banks to Provide 5-Year Credit Facility
BURLINGTON, Mass. - Genuity Inc. (NASDAQ: GENU), a leading e-business
services and Internet infrastructure provider, today announced that it has
signed an agreement with a consortium of global banks to provide the company
with a $2 billion line of credit for five years. The revolving credit facility
will provide added liquidity to fund the company's business plan.
"We are very pleased to have the financial support of blue-chip
financial institutions. This credit facility, along with the $1.9 billion of
IPO proceeds raised in June, ensures we have the liquidity to execute our
aggressive growth plan and capitalize on the tremendous opportunities we see
before us. In an environment in which access to capital is increasingly
becoming a competitive advantage, this agreement enables us to build on our
market leadership position in providing e-business network services," said Dan
O'Brien, Genuity's chief financial officer.
The lending consortium was led by The Chase Manhattan Bank,
Citibank/Salomon Smith Barney, Credit Suisse First Boston and Deutsche Bank.
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About Genuity Inc.
Genuity (NASDAQ: GENU) is a leading e-business network provider of
high-quality, managed Internet infrastructure services to enterprises and
service providers. Genuity offers a comprehensive suite of managed Internet
infrastructure services to deploy corporate intranets, and business-to-business
and business-to-consumer extranets, including: Internet access through dial-up,
dedicated and digital subscriber lines; Web hosting and content delivery; and
value-added e-business services such as Virtual Private Networks (VPNs),
security services and Voice-over-Internet Protocol (VoIP). With extensive IP
experience, the company integrates its suite of services into corporate networks
and delivers high-performance, secure and scalable infrastructure services for
conducting business on the Internet. Based in Burlington, Mass., Genuity has
offices and local partnerships throughout the U.S., Europe, Asia and Latin
America. Additional information about the company can be found on the company's
Web site at http://www.genuity.com.
