In Brief: Barclays Unit Leads $575M Cable Credit

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.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER