October 12, 2016

Milbank Scoops ‘Best Infrastructure Financing: Brazil’ Award at the LatinFinance Project & Infrastructure Awards for Advising Seaborn Networks on the First Direct Submarine Cable Project Between New York and São Paulo

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Milbank, Tweed, Hadley & McCloy LLP has been recognized for advising Seaborn Networks on its Seabras-1 submarine cable project, earning the LatinFinance 2016 Project & Infrastructure Award for “Best Infrastructure Financing: Brazil.” The awards recognize the most impressive transactions and institutions in a field critical to the region’s economic progress.

Known as Seabras-1, the US$500 million financing for the cable project connects points of presence (POPs) between the US and Brazil. The US$500 million financing for the 72Tbps Seabras-1 system was completed in January 2016 and, when completed in Q2 2017, will provide the first-ever direct point-to-point cable between New York City and São Paulo.

The award follows a series of recognitions for the deal including being named “Greenfield Deal of the Year” by international finance magazine World Finance, scooping the “Wholesale Service Innovation” award at the 2016 Global Telecoms Business Innovation Awards; being awarded the “Perfect 10 ECA Finance Deal of the Year” by Trade & Export Finance, recognizing Seabras-1 as the first export credit agency-backed project financing of a subsea cable project in the 106-year history of the global telecommunications industry; and being named “Best Deal of 2015” by Global Trade Review.

Milbank Corporate partner John Franchini led the team representing Seaborn Networks together with Project Finance senior associate Oliver Irwin and Corporate senior associate Dean Sattler. Advice was also provided by Tax partner Russell Kestenbaum, Executive Compensation partner Mike Shah, Antitrust partner Fiona Schaeffer, Corporate associates Kevin Begley and Joanne Luckey, Project Finance associates Benjamin Pridgeon and Vicky Cox and Tax associate Nicholas DeLuca.