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Pacific Fibre appoints bank and investment banks
Posted on 27-Apr-2011 16:53. | Tags Filed under: News.

Pacific Fibre has appointed ANZ, Credit Suisse and First NZ Capital to lead fund raising for its new undersea cable system.

The Pacific Fibre undersea cable system will connect Australia to the United States with two fibre optic cables via New Zealand.

"ANZ is delighted to be a part of the development of this critical infrastructure connecting Australia and New Zealand to the United States, and has been a supporter of the project from the early stages", said David Green, ANZ New Zealand Managing Director, Institutional. The bank's Executive Director for Institutional Relationships, John Vetter, added "We are very happy to be supporting Pacific Fibre. Our mandate is to raise the debt portion of the US$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."

Scott St John, CEO of First NZ Capital, is also a strong supporter, saying "The project is crucial to the development of Australasia's infrastructure, strategic to the region's ongoing competitiveness, and well-timed for corporates and consumers. We are seeing good support for equity investment into solid long-term infrastructure projects like this. We expect to present this to selected investors shortly."

Pacific Fibre's recent tender release has accelerated global interest. CEO Mark Rushworth said "We are pleased to be working closely with top financial firms ANZ, Credit Suisse and First NZ Capital. ANZ have demonstrated their passion for the project and have an impressive balance sheet that will facilitate our fund raising. 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."

Mr. Rushworth continued, "Pacific Fibre's undersea cable system will unleash the potential of the Australian NBN and New Zealand UFB/RBI projects. It will provide the fastest path to the United States with the most competitive cost basis and help Australia and New Zealand meet the ever-increasing demand for international voice, data and Internet content."

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