Emerald Networks Reports Preliminary Commitment from Export-Import Bank of the United States to Finance Emerald Express
Feb 04, 2013 (Close-Up Media via COMTEX) --
Emerald Networks, a new-build network submarine cable system that will connect North America to Europe and Iceland, announced that it has received a Preliminary Project Letter in connection with its loan application to the Export-Import Bank of the United States for its system project known as "Emerald Express."
In a release, the Company noted that loan applications were submitted to the Export-Import Bank of the United States for a substantial funding required to complete construction. A Preliminary Project Letter (PPL) was issued Dec. 17, by the Ex-IM Bank, indicating that they are prepared to commit resources leading to consideration of a financing commitment, subject to certain conditions.
The Emerald Express project is "A New Network for a New Era". This new-build submarine cable system is a turn-key supply contract with TE Subcom connecting North America to Europe, through Ireland.
Phase 1 of the system, which will connect Shirley, N.Y. on Long Island to its cable landing station in Belmullet, Ireland and branching to Grindavik, Iceland, is expected to be ready by mid-2014. Meanwhile, Phase 2 of the system, which includes a landing in Southern Europe, is also expected to be ready shortly thereafter.
"This achievement places Emerald Networks as a global leader in the forefront of the telecommunications industry and having completed this milestone provides an attractive opportunity for future investors", said CEO William Marra.
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