Pacific Fibre gets its financing sources in order

Pacific Fibre, having recently decided to sever its alliance with Pacnet, has revealed that ANZ, Credit Suisse and First NZ Capital will be its main financial backers for its submarine cable system.

The new network will connect Australia to the United States with two fiber optic cables via New Zealand with what it claims to be the most direct route between these landing points.

Already an early supporter of the Pacific Fibre project, ANZ said that it "would raise the debt portion of the $400 million project on a project finance basis, and as lead arranger we intend to provide a significant portion of the required financing while also arranging for other qualified Australasian and international banks to join in this financing."

Posing itself as the alternative cable system to the current Southern Cross Cable Network, the dominant submarine cable route connecting into and from New Zealand, Pacific Fibre's 13,600 km cable system will offer 5.12 Tbps over two fiber pairs.

Gaining financial backing is an important step for Pacific Fibre as moves forward with its Invitation to Tender to qualified submarine cable network suppliers.

For more:
- TeleGeography has this article

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