MCLEAN, Va.--(BUSINESS WIRE)--Global Telecom & Technology, Inc. (“GTT”), (OTCBB:GTLT - News), a global Multi-Network Operator (MNO), announced today it has entering into a credit facility agreement with Silicon Valley Bank, the commercial banking arm of SVB Financial Group (Nasdaq:SIVB - News).

This 364-day senior secured credit facility enables the company to borrow up to $2 million, subject to certain availability criteria relating to accounts receivable and cash collections. The company currently has no borrowings outstanding under the facility. The credit facility does not contain financial or other restrictive covenants.

“We are pleased to have developed this relationship with SVB and close on this credit facility which will provide GTT with additional liquidity and flexibility to support our growth initiatives,” said Richard D. Calder, Jr., president and CEO. “Coupled with the refinancing of our debt in the fourth quarter of 2007, in which we raised almost $2 million in additional financing while reducing our overall debt load and extending all maturities to December 2010, we have significantly strengthened our capital structure and put the company on sound financial footing for the future.”
"SVB has been impressed by GTT’s strategic vision and success thus far," said Andy Rico, senior relationship manager for Silicon Valley Bank. "We look forward to building our partnership with GTT and supporting their continuing growth."

About Silicon Valley Bank

Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices as well as operations in China, India, Israel and the UK. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.

About GTT

GTT is a global network integrator that provides its clients with a broad portfolio of wide-area network and wireless mobility services. With over 800 worldwide supplier relationships, GTT combines multiple networks and technologies to deliver cost-effective solutions specifically designed for each client's unique requirements. GTT enhances client performance through our proprietary systems, comprehensive project management and 24x7 operations support. Headquartered just outside Washington, D.C. in McLean, Virginia with offices in London and Dusseldorf, GTT provides service to more than 300 enterprise, government, and carrier clients in over 70 countries, worldwide. For more information visit the GTT website at www.gt-t.net.