Pacific Fibre recruits banks for cable funds

Summary:Pacific Fibre has recruited ANZ, Credit Suisse and First NZ Capital to raise cash for the construction of the company's US$400 million subsea cable between Australia, New Zealand and the United States.

Pacific Fibre has recruited ANZ, Credit Suisse and First NZ Capital to raise cash for the construction of the company's US$400 million subsea cable between Australia, New Zealand and the United States.

The three banks were chosen after a global tender process, CEO Mark Rushworth said.

"ANZ have demonstrated their passion for the project and have an impressive balance sheet that will facilitate our fundraising. Credit Suisse's role is also important. Their global reach and outstanding Australasian team, including local partners First NZ Capital, gives us access to the broadest possible range of equity investors," Rushworth said in a statement.

The build of the 5.12Tbps 13,000-kilometre subsea cable is set to be completed in 2013, and invitations to tender for selected vendors were sent out earlier this month, coinciding with the loss of PacNet's investment in the project.

Rushworth told ZDNet Australia that this fundraising was not launched as a result of the PacNet funding falling through as it had been planned in advance of the Memorandum of Understanding with the telco provider.

Topics: Telcos

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Armed with a degree in Computer Science and a Masters in Journalism, Josh keeps a close eye on the telecommunications industry, the National Broadband Network, and all the goings on in government IT.

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