Daily News: January 11, 2013

Square 1 Bank Provides $15MM in Financing to Peerless Network

Peerless Network, a provider of carrier and enterprise interconnection services, said it has secured $15 million in debt financing from Square 1 Bank. Peerless will use the financing 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,” noted Doug Lee, Peerless Network’s chief financial officer. “Square 1 Bank has been a phenomenal partner in helping us meet our growth objectives.”

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