Seaborn nears market with Seabras-1 cable

Seaborn Networks plans to assemble a group of lenders for its $400 million Seabras-1 sub-sea fibre-optic cable by the end of this quarter, and close and fund on a debt package by the middle of 2013. Seaborn has retained Jefferies as overall financial adviser and to help it raise equity for the project, and has hired Portland Advisers as project financial adviser. The developer has already produced lender technical, market and insurance due diligence reports, and is approaching development banks and export credit agencies, among other lenders, for debt commitments.

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