Pangea Secures $310 Million Financing Commitment

The $310 million financing commitment secured from a banking group headed by Morgan Stanley Dean Witter has completed Rye, NY-based Pangea Ltd.'s financing package for a $450 million Pangea 1 optical fiber cable system, according to Lawrence Codacovi, Pangea president and CEO. Codacovi said Pangea 1 will link seven countries in Northern Europe and Scandinavia.

Codacovi said the company already has $140 million in venture capital commitments from a group comprised of Dolphin Communications Fund, Columbia Capital, Harbourvest Partners, Madison Dearborn Partners, and Norwest Venture Partners.

The company earlier announced that Pangea 1 will link London; Amsterdam, The Netherlands; Hamburg, Germany; Copenhagen, Denmark; Stockholm, Sweden; Oslo, Norway; and Helsinki, Finland by self-healing optical fiber rings, and offer a maximum capacity of 1.28 terabits. Service will be offered at STM 1, 4, 16, and 64 levels, with optical clear channels (wavelengths) available at the 2.5 and 10 Gigabit levels.