360Networks Obtains Standby Capital Commintment of $700 Million
Vancouver Nov. 2 -- 360networks announced today the commitment of a $700 million senior, unsecured credit facility from an affiliate of Donaldson, Lufkin & Jenrette. If drawn, the proceeds will help fund the design and development of 360networks' previously announced 360pacific project, a 22,000-km submarine cable that will link North America and Asia.
We expect that revenues will be more than sufficient to complete development of our transpacific cable, said Larry Olsen, vice-chairman and chief financial officer of 360networks. This standby facility simply provides us with assurance that the project will be completed on schedule, irrespective of when we receive funds from sales.
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