ECA-backed $500m financing for Seabras-1 fully funded

摘要

The ECA-backed financing for Seaborn Network's $500 million Seabras-1 subsea fibre optic cable project has been drawn down. Coface is providing a partial guarantee for the $267 million debt on the back of Alcatel-Lucent Submarine Networks' EPC contract for the project. The seven-year debt -provided by sole mandated lead arranger Natixis, Santander, Commerzbank, Intesa Sanpaolo and partially guaranteed by Coface - was fully underwritten by Natixis prior to syndication. The debt tenor comprises a two-year construction period and five-year repayment period from start of operations.