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Conyers provided Bermuda law advice to ANZ Bank New Zealand Limited, New Zealand’s largest financial-services group and a subsidiary of Australia and New Zealand Banking Group Limited, in connection with arranging financing for Southern Cross Cables Limited’s new submarine fibre optic cable to be constructed between Australia, New Zealand and the US.
Southern Cross NEXT represents a network investment of around US$300 million and will provide data connectivity between Sydney, Auckland and Los Angeles. The new route will also provide critical international cable connectivity to the Pacific Islands of Fiji, Tokelau and Kiribati and is scheduled for completion by January 2022.
Director Jason Piney and Associates Andrew Barnes and Edward Rance of Conyers’ Bermuda office advised on this matter working with New Zealand counsel Buddle Findlay.