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Peerless Network Secures $15M in Debt Financing from Square 1 Bank


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January 15, 2013

Peerless Network Secures $15M in Debt Financing from Square 1 Bank

By Anil Sharma, TMCnet Contributor

Peerless Network (News - Alert), Inc., a provider of carrier and enterprise interconnection services, has secured $15M in debt financing from Square 1 Bank.

Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.

The financing will be used by Peerless to fund network growth, provide additional data center capacity and enter new markets.

“The debt facilities with Square 1 Bank represent a significant achievement for Peerless providing the company greater financial flexibility as we expand,” said Doug Lee, chief financial officer, Peerless Network, in a statement.

“Square 1 Bank has been a phenomenal partner in helping us meet our growth objectives,” said Lee.

Peerless has been recording good performances over the years. It closed the year with a record of profitable growth including-Average annual revenue growth of 236 percent and EBITDA positive since 2010; Expanded network points of presence (POPs) to cover 49 U.S. markets; Entered long term customer contracts with several national wireless carriers and completed construction of first data center and colocation facility with customer leases or options to lease nearly 8,000 square feet of space.

“This has been an amazing year for Peerless and our new financing is a direct result of profitably growing our business by executing our strategic plan,” said John Barnicle, president and CEO of Peerless Network.

“We remain focused on taking advantage of the competitive environment and expanding our portfolio of services with a common-sense approach that plays to our strengths,” said Barnicle.

“Our new state-of-the-art data center is a perfect example and is nearly 100 percent leased within weeks of its launch,” he said.

Earlier in October, Peerless Network had announced the opening of its state-of-the-art data center and colocation facility located at 840 South Canal Street. The 12,600 square foot facility will house the company’s Network Operations Center (NOC (News - Alert)), support ongoing network expansion plans and help alleviate the shortage of premium colocation space in downtown Chicago.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.

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