Dublin, Ireland – 17th November, 2011 –, Sea Fibre Networks (SFN), owner and operator of CeltixConnect, Europe’s most advanced sub-sea telecoms network, today confirmed Investec and CC Equity LLC as the funding participants in the round of $15m. Sea Fibre Networks announced a launch party in Dublin on 7th December when the Cable Innovator will be in port to commence construction.
Investec Project and Infrastructure Finance (“Investec”), part of Investec Bank plc. recently completed a new senior debt facility for Sea Fibre Networks Ltd. The $7.5 million loan, for which Investec was the sole mandated lead arranger (MLA), will finance Europe’s most advanced sub-sea telecommunications network in a project which will link Ireland and the UK by fibre-optic cable. Additional equity was provided by CC Equity LLC (“CC Equity”), a US-based private equity investment group which has extensive investment and operating expertise in the communications sector. Redwood Capital acted as financial advisor to Sea Fibre Networks Ltd. (trading as CeltixConnect) in connecting with the $15 million debt and equity financing.
Fibre optic sub-sea cables transmit most of the world’s data and communications and are hence vitally important to the global economy. When live, the subsea cable will shave 100km off existing networks, reducing latency enabling faster online industries such as Video and Mobile. YouTube serves over two billion videos per day and 24 hours of video is uploaded every minute... The new fibre network will more than double the existing internet capacity between Ireland and the UK. The CeltixConnect network will land at East Point Business Park and the IFSC, requiring 5km of terrestrial backhaul before connecting with other fibre networks in Dublin. It also plugs into the T50 metropolitan area network that links key business districts, data centres and business parks in Dublin.
Diane Hodnett, Chief Executive Officer, Sea Fibre Networks, said “CC Equity LLC and Investec’s inclusion delivers partners with experience and expertise in investing in large infrastructure projects. This strategic collaboration will deliver invaluable support as we grow and expand the company and the network footprint
“Raising money in this climate has been challenging but achieving this demonstrates the belief that our investors have in the proposition and the continued growth in demand. The strength of Sea Fibre Networks’ funding partners validates the strength of the company and the anticipated growth of the industry in Ireland.”
Stephen Martin, Managing Partner of CC Equity said, “We are very pleased to bring our equity capital and our communications industry experience to support the successful growth and development of Sea Fibre Networks. We also appreciated the role Redwood Capital played as investment banking advisor to the company to help ensure that the two-tranche financing was successfully completed.”
Investec Capital Markets is a division of Investec Bank plc. Investec Bank plc is authorised and regulated by the Financial Services Authority. Investec Project & Infrastructure Finance arranges, structures and underwrites and advises on project and acquisition financing across the capital structure in the public and private sector. Investec specialises in PFI and PPP as well as the power and telecoms sectors globally working out of offices in the UK, South Africa, Australia and North America. For more information, visit www.investec.co.uk/projectfinance.
Investec is an international specialist banking group that provides a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia as well as certain other countries. The group was established in 1974 and currently has approximately 7,000 permanent employees.
About CC Equity
CC Equity is a US-based private equity investment group which has extensive investment and operating expertise in the communications sector. CC Equity provides private equity capital to communications companies across the United States and Europe.
About Redwood Capital Group
Redwood Capital Group is an investment banking firm serving the technology, communications and media & business services industries. The firm focuses on mergers & acquisitions, debt and equity financings and financial advisory services for its clients worldwide. Additional information can be found at www.redcapgroup.com.