{"id":71,"date":"2014-03-03T13:24:06","date_gmt":"2014-03-03T13:24:06","guid":{"rendered":"http:\/\/localhost:8888\/WORDPRESS\/SEABORN\/?p=71"},"modified":"2016-03-12T09:43:24","modified_gmt":"2016-03-12T09:43:24","slug":"seaborn-networks-mandates-natixis-as-sole-structuring-bank-underwriter-and-lead-arranger-on-brazil-us-subsea-cable-project","status":"publish","type":"post","link":"https:\/\/seabornnetworks.com\/homolog\/seaborn-networks-mandates-natixis-as-sole-structuring-bank-underwriter-and-lead-arranger-on-brazil-us-subsea-cable-project\/","title":{"rendered":"Seaborn Networks mandates Natixis as Sole Structuring Bank, Underwriter, and Lead Arranger on Brazil\u2013US subsea cable project"},"content":{"rendered":"

USD 290 million in senior secured commercial debt fully underwritten<\/strong><\/p>\n

Paris and Boston, MA, March 3, 2014<\/strong> \u2013 Seaborn Networks and Natixis are pleased to announce that Seaborn has mandated Natixis, a major French bank, to act as sole structuring bank, underwriter and lead arranger for a fully underwritten USD 290 million senior secured project financing debt for the development and installation of Seaborn\u2019s new subsea fiber optic cable system between commercial and financial centers of Brazil and the United States. Natixis is also expected to serve as COFACE Facility Agent and Security Agent for this project debt.<\/p>\n

Seaborn\u2019s new submarine cable project, known as Seabras-1, is a 40 Tbps, four fiber pair system extending 10,400 km between S\u00e3o Paulo, Brazil and New York, USA, with a branch landing in Fortaleza, Brazil. It will be the first direct route between S\u00e3o Paulo and the United States, with lower latency than any other competing system, and is also the world\u2019s longest system to be fully deployed with 100 Gbps coherent technology.<\/p>\n

The mandating of Natixis to arrange the credit facility follows the previously announced \u201cPromise of Cover\u201d provided by Compagnie Fran\u00e7aise d’Assurance pour le Commerce Ext\u00e9rieur (COFACE), the French export credit agency, for banks that participate in the facility. The mandating of Natixis in the role of Lead Arranger for this credit facility follows the recent announcement by the International Finance Corporation (IFC) of the World Bank Group that the IFC is now one of the owners of Seaborn.<\/p>\n

\u201cNatixis has been a valued partner throughout the financing process and this further solidifies our strong relationship with a leading infrastructure finance bank,\u201d said Larry Schwartz, Seaborn\u2019s CEO. \u201cWe are very appreciative of the bank\u2019s support in helping us to achieve another key milestone in the development of this subsea cable project.\u201d<\/p>\n

\u201cNatixis welcomes the opportunity to play a key role in the Seabras-1 project, which is expected to be the first export credit agency-backed project financing in the global submarine cable industry,\u201d said Olivier Delay, Managing Director & Head of Aviation, Export and Infrastructure, Americas for Natixis Wholesale Banking.<\/p>\n

Natixis has been advising Seaborn as the exclusive equity adviser and COFACE Agent, in addition to now being mandated as the sole structuring bank, underwriter, lead arranger and COFACE Facility Agent.<\/p>\n

Seabras-1 is being built for Seaborn by Alcatel-Lucent Submarine Networks (ASN). Environmental and permitting work in Brazil has been provided by Ecology & Environment, Inc. and in the United States by Michael Baker, Jr., Inc.<\/p>\n

Seaborn is advised by Portland Advisers (debt adviser), Milbank Tweed Hadley & McCloy LLP (project counsel), Wiltshire & Grannis LLP (US regulatory counsel), Choate Hall & Stewart LLP (US corporate and tax counsel), Barbosa M\u00fcssnich e Arag\u00e3o Advogados (Brazil corporate, tax and regulatory counsel), Appleby (Bermuda) Limited (Bermuda counsel), The Weiner Company, Inc. (insurance adviser) and EY (international tax adviser).<\/p>\n

Natixis is advised by Clifford Chance US LLP (project counsel), Sidley Austin LLP (US regulatory counsel), Veriano Advogados (Brazil counsel), Benatar & Co. Ltd. (insurance adviser), Analysys Mason (market & technical adviser), and Terabit Consulting (market adviser).<\/p>\n","protected":false},"excerpt":{"rendered":"

USD 290 million in senior secured commercial debt fully underwritten Paris and Boston, MA, March 3, 2014 \u2013 Seaborn Networks and Natixis are pleased to announce that Seaborn has mandated Natixis, a major French bank, to act as sole structuring bank, underwriter and lead arranger for a fully underwritten USD 290 million senior secured project […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-71","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"\nSeaborn Networks mandates Natixis as Sole Structuring Bank, Underwriter, and Lead Arranger on Brazil\u2013US subsea cable project - Seaborn Networks<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seabornnetworks.com\/homolog\/seaborn-networks-mandates-natixis-as-sole-structuring-bank-underwriter-and-lead-arranger-on-brazil-us-subsea-cable-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seaborn Networks mandates Natixis as Sole Structuring Bank, Underwriter, and Lead Arranger on Brazil\u2013US subsea cable project - 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