Seaborn Networks completes $500 million funding for Seabras-1 cable

Seaborn Networks has completed its $500 million project funding for Seabras-1, a transoceanic subsea cable connecting PoPs in New York City and Sao Paulo.

The Seabras-1 is said to be the first system to provide a direct point-to-point route between the commercial and financial centres of the US and Brazil. The cable is a six-fibre pair system with initial design capacity of 72Tbps. 

"We are extremely pleased to announce that Seabras-1 is fully funded and that manufacturing of this system is ongoing," said Larry Schwartz, Chairman & CEO of Seaborn Networks. "As global telecommunications demands continue to grow, we are determined to offer the most compelling range of alternatives for purchasers of international broadband capacity."

The full project equity capital was provided by Partners Group and development capital was provided by Seaborn. In addition the funding includes total project debt of up to $267 million provided by Natixis, Banco Santander, Commerzbank and Intesa Sanpaolo. 

Todd Bright, managing director and head of Americas Private Infrastructure at Partners Group, said: “Seabras-1 is a key telecommunications infrastructure project for the Americas and will bring tangible benefits to businesses and individuals in Brazil and neighbouring countries.”

The cable is expected to be ready for service in the second quarter of 2017.