US-based Seaborn Network has hired Natixis to agree a senior debt facility guaranteed by export credit agency Coface. Seaborn is in the process of securing US$400m financing for a 10,400km subsea cable between Sao Paulo and New York. CEO Larry Schwartz…
US-based Seaborn Network has hired Natixis to agree a senior debt facility guaranteed by export credit agency Coface.
Seaborn is in the process of securing US$400m financing for a 10,400km subsea cable between Sao Paulo and New York.
CEO Larry Schwartz told TelecomFinance that Seaborn is now looking to complete its project financing in Q3. The venture has had “significant interest” from some of the largest development banks. Seaborn is in ongoing negotiations with the banks, which are looking to get involved on the equity side.
The 100 gigabit per second cable is expected to be ready for service in Q1 2015 and will be the first direct route between Sao Paulo and the US.
Jefferies is acting as financial advisor to Seaborn while Portland Advisers has been mandated to instruct on debt.
Milbank, Tweed, Hadley & McCoy is the project counsel, Wiltshire & Grannis is US regulatory counsel, Choate Hall & Stewart is US corporate counsel, while Barbosa, Müssnich e Aragão Advogados is Brazil counsel.