Worldwide Fiber Completes Private Equity Placements

VANCOUVER, British Columbia, Sept. 16 -- Worldwide Fiber Inc. has completed equity private placements totaling $345 million in convertible preferred stock to affiliates of Tyco International Ltd., DLJ Merchant Banking II Inc., Providence Equity Partners Inc., and GS Capital Partners III LP. When combined, these private placements comprise a minority interest in the company. The Ledcor group retains control of Worldwide Fiber.
Together with an underwritten project financing commitment from Goldman Sachs Credit Partners LP, DLJ Capital Funding Inc. and Credit Suisse First Boston, the proceeds from these placements will fully fund the $850 million transatlantic Hibernia undersea fiber optic network.