Switch & Data Gets $100M Bank Loan

Switch & Data (SDXC), a provider of data center and Internet exchange services,  late Tuesday announced that it has received $100 million of debt financing from a group of banks arranged by RBC Capital. The company said the financing “will accelerate” its capacity expansion program.

In a statement, Switch & Data CEO Keith Olsen said that “improved bookings combined with increasing customer demand afford us the opportunity to accelerate our investments for growth.”

The financing is in the form of “delayed draw term loans.” Internet is 4.5% above a 2% LIBOR floor. Repayment starts in 2011, and ends in 2014.

In yesterday’s regular session, SDXC fell 13 cents, or 1%, to $13.17.