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360Networks Obtains Standby Capital Commintment of $700 Million

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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...Read full article

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    Published: November 2000
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