Barclays Capital, the global investment banking division of London- based Barclays Group, has underwritten a $575 million credit facility for Flag Atlantic Ltd., including a seven-year, $550 million construction loan and a $25 million revolver.

The capital is slated to fund the telecommunications company's construction of the Flag Atlantic-1 cable system, the first cable network planned to connect London, Paris, and New York. The system would hook up with the company's existing U.K.-based land link with Japan, which began service in 1997. The global cable system would be used especially by Internet service providers.

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