Business briefs

Advertiser Staff and News Services

Digital Island purchase closes

Cable & Wireless Plc. said yesterday it successfully completed its previously announced purchase of former Honolulu-based Digital Island Inc.

The U.K.-based Cable & Wireless, owner of the third-biggest network for Internet service providers, paid $3.40 a share for Digital Island, which traded at a peak of $156.94 a share in December 1999.

Digital Island, a provider of Internet services to businesses, was founded by entrepreneur Ron Higgins and financed by a mix of local and national investors, including a $450,000 investment from the state.

Schuler expands credit facility

Schuler Homes Inc. yesterday said it has expanded its revolving credit facility.

In June, the company closed a $225 million, three-year, unsecured, revolving credit facility with Bank of America N.A, and Fleet National Bank as the syndication agents, First Hawaiian Bank as the administrative agent and California Bank & Trust. That has been increased to $350 million with the addition of Guaranty Bank, Bank of Hawaii, Bank One N.A., Comerica Bank, KeyBank N.A., US Bank N.A., Washington Mutual Bank F.A. and American Savings Bank F.S.B.

"The new credit facility further enhances our capital structure and provides the company with the liquidity and flexibility required to meet the company's forecasted growth," said Thomas Connelly, Schuler's chief financial officer.