Hawaiki Cable begins drawdown of senior loan facility provided by Natixis
Hawaiki Submarine Cable LP, the New Zealand owner and developer of Hawaiki submarine cable system and French bank Natixis acknowledge the first drawdown of the senior loan facility provided by Natixis.
The Hawaiki submarine cable system is a new trans-Pacific cable that will link Australia and New Zealand to the United States, also connecting to a number of South Pacific Islands and Hawaii, by mid-2018.
Natixis, advised by international law firm Allens (along with its alliance partner firm, Linklaters, and leading New Zealand law firm, Russell McVeagh) acts as senior lender for Hawaiki and is funding a portion of the system’s construction costs through a senior loan facility. The first drawdown under the loan facility follows the coming into force (CIF) of the supply contract on March 31st 2016.
Remi Galasso, Chief Executive Officer of Hawaiki Submarine Cable LP said, “Natixis is a leading player in our industry. They combine financial advising expertise and debt structuring capabilities. We thank the Natixis team for their continuous support.”
Commenting after first drawing, Jean-Pierre Gérémy, Global Head of Telecom, Structured & Asset Finance at Natixis said, “All teams involved in the financing managed to meet all Conditions Precedent in a very short time frame. This transaction is one of the first project financings for a carrier-neutral telecom subsea cable. Natixis has been able to develop a tailor-made innovative financial structure thanks to strong collaboration with Hawaiki and a deep understanding of the telecom sector. This landmark telecom infrastructure financing demonstrates the commitment of Natixis to support its clients, and shows its expertise in promoting the financing of telecom infrastructure around the world.”
Michael Ryan, Head of Allens Project Finance practice and lead partner on the transaction commented, "We, Linklaters and our friends at Russell McVeagh are delighted to have assisted the Natixis and Hawaiki teams on such a vital project for the further development of telecommunication services the Pacific."
Hawaiki Submarine Cable LP, headquartered in Auckland, New Zealand, is the owner and developer of the Hawaiki submarine cable system (Hawaiki). Hawaiki is a carrier-neutral submarine cable linking Australia, New Zealand, Hawaii and Oregon, on the US West coast. For more information, visit www.hawaikicable.co.nz.