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Seaborn Networks has completed its US$500 million project funding for Seabras-1, a new transoceanic subsea fiber optic cable system directly connecting points of presence (POPs) in New York City (US) and São Paulo (Brazil).

According to the company, all conditions to this project financing have been fully satisfied.

Full project equity capital was provided by Partners Group and development capital was provided by Seaborn. The project funding also includes total project debt of up to US$267 million provided by Natixis, Banco Santander, Commerzbank and Intesa Sanpaolo, which debt is backed by COFACE, the French Export Credit Agency.

“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.”

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

Alcatel-Lucent Submarine Networks, now part of Nokia, is currently constructing Seabras-1 for Seaborn under a contract in force.

Manufacturing of the Seabras-1 system is in progress, and the committed ready-for-service date is in the second quarter of 2017.