Submarine cable operator Seaborn Networks has mandated Natixis as the sole structuring bank, underwriter and lead arranger for its fully underwritten US$290m senior secured project financing debt. Natixis was appointed after French export credit agency…
Submarine cable operator Seaborn Networks has mandated Natixis as the sole structuring bank, underwriter and lead arranger for its fully underwritten US$290m senior secured project financing debt.
Natixis was appointed after French export credit agency Coface provided a “promise of cover” for banks that participate in the facility.
Natixis is expected to serve as Coface facility agent and security agent for the project debt. The bank has already been acting as Seaborn’s equity adviser and Coface agent after being hired in April 2013.
Seaborn will use the proceeds to fund the building of its new network, Seabras-1, which will link Sao Paulo and Fortaleza in Brazil with New York City via 10,400km of subsea cable. Seaborn signed a turn-key contract with Alcatel-Lucent to develop the system in October 2012.
Seaborn is owned by a number investors including the IFC, which injected an undisclosed amount into the venture in January.
Portland Advisers is acting as Seaborn’s debt adviser and it is receiving legal advice from Milbank Tweed Hadley & McCloy, Wiltshire & Grannis, Choate Hall & Stewart, Barbosa Mussnich e Aragao Advogados, and Appleby.
Natixis is receiving legal advice from Clifford Chance, Sidley Austin, and Veriano Advogados.