Pacific Fibre today announced they have secured a fifth foundation customer taking total sales to US$ 200 million.
“We are pleased to have secured another significant sale to a U.S. customer, further de-risking the Pacific Fibre business for investors.” said Pacific Fibre co-founder and Chairman Sam Morgan.
Pacific Fibre also set a timeframe on closing their financing – the raising of the capital required for the cable build.
“We have had great engagement with global institutional funds and are now bringing our fundraising to a close” said Mr Morgan. “We expect to announce completion in mid-June.”
“We will be cutting the ribbon on a new trans-Pacific cable in Sydney on 16th July 2014 – introducing a more competitive market for international bandwidth and helping the NBN to deliver on the promise of vastly better connectivity.”
The volume of data downloaded by Australians doubled between 2010 and 2011 – driven by adoption of iPads, smartphones and online video.
The Pacific Fibre system will assist in meeting the accelerating demand for international bandwidth in Australia and New Zealand and introduce competition to the current duopoly held by Telecom New Zealand’s Southern Cross Cable and Telstra’s own international cables.