360networks confirmed its full compliance with all covenants under the company's $1.2 billion senior secured credit facility. At the end of 2000, $350 million had been drawn under this facility. 360networks is currently drawing on the balance, as needed, to complete the development of a global fiber optic network. In response to a number of investor inquiries, 360networks also confirmed it intends to meet interest payments under its debt obligations.
In the first quarter of this year, 360networks completed sales totaling more than $475 million to major carriers and network service providers for services on its terrestrial and undersea networks.
In addition, more than 50 percent of 360networks' global network is now in commercial service, including:
* 360atlantic, a transatlantic undersea cable linking the United States, Canada, the United Kingdom and Ireland
* Approximately 90 percent of its 43,000-kilometer (26,700-mile) North American network connecting more than 50 major cities in the United States and Canada
* Nearly 40 percent of its European network, which will link 11 countries in Europe by early 2002
* More than 60 percent of 360americas, an undersea and terrestrial network connecting the United States, Brazil, Argentina, Venezuela and Bermuda
About 360networks:
360networks (NASDAQ:ATSIX and TSE: TSX) offers network services to telecommunications and data-centric organizations. For more information, visit www.360.net.