Last $216.86 USD
Change Today -5.06 / -2.28%
Volume 389.6K
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As of 8:10 PM 01/30/15 All times are local (Market data is delayed by at least 15 minutes).

equinix inc (EQIX) Key Developments

8x8 Inc. Partner with Equinix to Establish Point of Presence in Sydney, Australia

8x8, Inc. has partnered with Equinix to establish a point of presence in its SY3 facility in Sydney, Australia. SY3 is the most densely connected data center in Australia, with access to Equinix's network dense and rich ecosystem of more than 975 network providers globally, 120 of which are based in Australia.

Equinix, Inc.'s Board Approves REIT Conversion

Equinix Inc. announced that its board unanimously approved the company's conversion to a real estate investment trust, effective for its taxable year commencing Jan. 1, 2015. Equinix will move forward with its conversion plan and will begin its first day as a REIT on Jan. 1, 2015. As part of its REIT conversion plan, Equinix is seeking a private letter ruling from the U.S. Internal Revenue Service related to numerous technical tax issues.

Equinix, Inc. Adopts Amended and Restated Bylaws

On and effective as of December 18, 2014, the Board of Directors of Equinix, Inc. adopted Amended and Restated Bylaws to add a forum selection provision, as Section 7.9, to efficiently manage and reduce the costs of multi-jurisdictional litigation.

Equinix, Inc. Enters into a Credit Agreement in an Aggregate Principal Amount of $1,500,000,000

On December 17, 2014, Equinix, Inc. as borrower, the Equinix subsidiaries Equinix LLC and Switch & Data LLC, as guarantors (the Guarantors), a syndicate of financial institutions, as lenders. Bank of America, N.A., as administrative agent, a Lender and L/C Issuer, JPMorgan Chase Bank, N.A. and TD Securities (USA) LLC, as co-syndication agents, Barclays Bank PLC, Citibank, N.A., Royal Bank of Canada and ING Bank N.V., Singapore Branch, as co-documentation agents, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, J. P. Morgan Securities LLC and TD Securities (USA) LLC, as joint lead arrangers and book runners, entered into a Credit Agreement in an aggregate principal amount of $1,500,000,000, comprised of (i) a $1,000,000,000 senior secured multi-currency revolving credit facility and (ii) a $500,000,000 senior secured term loan facility. The Senior Credit Facility has a maturity date of December 17, 2019. Equinix may borrow, repay and reborrow amounts under the Revolving Facility until the maturity date of the Senior Credit Facility, at which time all amounts outstanding under the Revolving Facility must be repaid in full. Equinix borrowed the full $500,000,000 of commitments under the Term Loan Facility on December 17, 2014. The borrowing under the Term Loan Facility must be repaid in equal quarterly installments of $10,000,000, with the remaining amount outstanding under the Term Loan Facility to be repaid in full on the maturity date of the Senior Credit Facility. Once repaid, amounts borrowed under the Term Loan Facility may not be reborrowed. A portion of the proceeds of the Term Loan Facility was used to refinance existing indebtedness. The remaining proceeds of the Term Loan Facility and the proceeds of the Revolving Facility shall be used for general corporate purposes. The Revolving Facility includes a $150,000,000 sublimit for the issuance of standby letters of credit. Borrowings under the Senior Credit Facility will bear interest at an index based on LIBOR or, at the option of Equinix, the Base Rate (defined as the high of (a) the Federal Funds Rate (with such rate deemed to be zero if the Federal Funds Rate is less than zero) plus 1/2 of 1%, (b) the Bank of America prime rate and (c) one-month LIBOR plus 1.00%), plus, in either case, a margin based on Equinix's consolidated net lease adjusted leverage ratio.

Equinix and IBM Accelerate Adoption of Hybrid Cloud Computing Initiatives

Equinix, Inc. together with IBM announced an agreement to provide enterprises direct access to the full portfolio of cloud services from SoftLayer via the Equinix Cloud Exchange in nine markets worldwide spanning the Americas, Europe and Asia Pacific. Equinix also announced Cloud Exchange enhancements, including API functionality that makes it easier for service providers to use a single interface to the Cloud Exchange, resulting in scalable, private and secure connections to their cloud services with near real-time provisioning. Equinix and SoftLayer previously partnered to offer customers direct cloud connection inside Equinix International Business Exchange (IBX) data centers via SoftLayer's Direct Link service, a dedicated network connection. By extending the partnership to include additional secure and dynamic connections through Cloud Exchange, SoftLayer provides its customers with the ability to easily move production workloads in and out of the cloud, thus better enabling them to fully realize their hybrid cloud strategies.

 

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Price/Earnings 82.4x
Price/Sales 4.9x
Price/Book 4.5x
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TEV/Sales 3.1x
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