Silicon Valley Bank has agreed to expand its credit line with Internap, a provider of Internet routing services.
Internap can draw on an additional $5 million, increasing its credit line to $20 million.
“Internap has continued to demonstrate steady improvement as it seeks to achieve profitability,” says Alan Spurgin, who manages SVB’s southeast operation. “This extension of the agreement we implemented in December 2002 will provide Internap with more liquidity to support their growth objectives.”
Internap (Nasdaq: INAP) says revenues in its most recent quarter increased nearly 5 percent, to $34.2 million, over 2002 figures.
The company reported a loss of $12.4 million, or 8 cents a share, down $1.6 million from the last quarter of 2002.
The company says it now has 1,389 customers – a gain of 116 for the quarter. New customers include Electronic Data Systems, CNET, Toyota Motors USA and Sprint Airlines.