Jenner & Block

Jenner & Block Represents Internap in Private Placement of Common Stock for $43 Million

Jenner & Block represented Internap Corporation, a leading technology provider of high-performance internet infrastructure services, in a private placement of approximately 23.8 million shares of its common stock at a price of $1.81 per share, for aggregate gross proceeds of approximately $43 million. The funding in the private placement is provided by a group of investors that include affiliates of or funds managed by GAMCO Investors, Inc. and accounts advised by Avenir Corporation. The settlement date for the transaction is February 27, 2017. 

Internap will use the net proceeds of the offering to repay a portion of its term loan indebtedness.  The equity offering and debt repayment will enable the company to meet conditions under the Third Amendment and Waiver to Credit Agreement dated as of January 26, 2017 that, among other things, eases restrictions on the interest coverage ratio and leverage coverage ratio covenants.  Internap expects this to provide it with additional operating flexibility as it continues to implement its business plan. 

The team representing Internap included Partners Thomas A. Monson, Jeffrey R. Shuman, William L. Tolbert, Jr., Neil Cummings, Alexander J. May and Geoffrey M. Davis and Associates Young Woo “Ariel” Cho, Amy Inagaki and Mark A. Reinhardt.

To read more, please click here for a company news release on the transaction.