Seaborn is a privately-owned company and is the project sponsor, developer and operator. Seaborn is comprised of a team of experienced executives in submarine cable design, installation and operations and the team brings a track record of success. The largest investor in Seaborn is Aecor Ventures, LLC, a Delaware limited liability company.

The proposed IFC investment is in the form of equity investment of up to US$25 million.

The total project cost is approximately US$425 million, which is proposed to be financed with a combination of institutional debt and equity.

4.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	4.0

* These investment figures are indicative

The project will be located between Brazil and the United States.

- Increase Capacity: Given the growth of telecommunications, fueled by mobile devices, and in Brazil particularly as a result of its growing middle class, national broadband plan, and increased telecom infrastructure buildout throughout the region, combined with the upcoming World Cup and Olympics, there is significant pent-up demand for affordable large blocks of capacity that can be acquired for long-term lengths. The 4 incumbent Brazil-US cable systems were all built more than 10 years ago using technology from 1995 and have significant limitations on upgradeability. Seabras-1 will have an initial design capacity of 32 Tbps (a multiple of the current addressable market), with an expected upgradeability over its life being a significant multiple of that initial amount.
- Reduce pricing: The Brazil-US route is one of the most expensive major transoceanic routes in the world today, and it is also the primary route for international communications between LAC and the rest of world.The project will lower pricing on the route which, in turn, increases telecom competition inside of LatAm and helps to increase affordable broadband penetration locally.
- Competition / Independent player: Further to promoting competition by building the newest submarine cable into Brazil, IFC will be contributing to the launch of the only independent player on the route. 3 of the 4 incumbent cable systems (Globenet, SAm 1, and SAC / LatAm Nauilus) are owned directly by incumbent telecom players (Oi, Telefonica, Level 3 / Telecom Italia), and thus potentially seen by customers as prioritizing the parent company''s own needs above the broader needs of the market.
- LAC Regional Integration: The Project will help improve affordable connectivity and competition for the ongoing economic development of northern Brazil and other South American countries (e.g. Uruguay, Paraguay, Argentina, Chile).
- Increase broadband internet access: The Project will address the growing demand for broadband internet communications throughout LAC.

- Strategic Partnership: IFC''s long term partnership with Seaborn can help with further round of financing (equity, mezz and/or debt) in the future financing needs of the project.
- Social and Environmental standards: Given the environmental issues around undersea cable systems, Sponsor sees IFC as a valuable partner in terms in terms of implementing best practices and other industry standards.
- Stamp of approval: Sponsor sees IFC''s investments as a significant signaling effect for attracting other funding sources, clients and eventual support in regulatory or policy matters.

Environmental and social risks and impacts in this project are expected to be limited, so the project is classified as Category B according to IFC''s environmental and social review procedure.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.