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Investec completes USD7.5m deal with SEA Fibre Networks

Investec Project and Infrastructure Finance has recently completed a new senior debt facility for Sea Fibre Networks Ltd. The USD7.5 million loan, for which Investec was the sole mandated lead arranger (MLA), will finance Europe’s most advanced sub-sea telecommunications network in a project which will link Ireland and the UK by fibre-optic cable.

Additional equity was provided by a group of mainly US investors. This was part of a USD15m funding round with CC Equity LLC as the equity participants.
 
Running between Anglesey and Dublin, the sub-sea cable will be the first laid within Europe in eleven years.  This will more than double the existing capacity between Ireland and the UK, and reduce the length of the existing sub-sea cables by over 100 kilometres, increasing data speed.
 
Torsten Thiele, Head of Telecoms Project Finance, Investec, says: “We are delighted to have been able to provide this debt facility to Sea Fibre Networks in this pure project finance telecoms deal. In arranging financing, we brought our experience from other sub-sea telecoms deals that we have worked on, including in Africa.”
 
Diane Hodnett, Chief Executive Officer, Sea Fibre Networks, says: “Having Investec as a partner in this funding round of USD15m raised has been instrumental in our ability to commission the first European sub-sea cable laid in eleven years. In its role as MLA, Investec was able to smooth what could have been a challenging process, meaning that we are on track to complete the sub-sea lay in December 2011.”
 
The Project and Infrastructure Finance team has in the last year arranged over £1.5billion of project debt. Investec’s strong offering of specialised areas of finance, with specific sector-focus, is driving the rapid growth of its finance business.
 
Investec Bank plc is a subsidiary of the Investec group which is an international specialist bank and asset manager www.investec.com. The Investec Capital Markets division provides a wide range of specialist products, services and solutions to select corporate clients, public sector bodies and institutions.
 

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