Hawaiki Cable is close to securing debt and equity financing to build a US$300m internet cable linking New Zealand and Australia to the US, its CEO has said.
Remi Galasso told Stuff.co.nz that a major New Zealand company has agreed to be its equity…
Hawaiki Cable is close to securing debt and equity financing to build a US$300m internet cable linking New Zealand and Australia to the US, its CEO has said.
Remi Galasso told Stuff.co.nz that a major New Zealand company has agreed to be its equity partner while an Australasian bank will provide the debt financing. He did not reveal the names of the prospective financiers.
Galasso described the funding as “not a piece of cake”, but said he hopes it will be ready in a few weeks time.
The 13,000km-long cable is expected to be laid by March 2016 to provide internet services to customers on both sides of the Pacific. Australian ISPs iiNet and TPG Telecom, as well as Orcon and Voyager in New Zealand, have reportedly already said they would buy capacity on the cable.
Southern Cross already has a cable in the area.
