Hermes Europe Railtel today issued a high yield bond to raise funds for the ongoing expansion of its pan European fibre optic network.
Hermes, headquartered in Brussels, leases bandwidth to other carriers in Europe, including Cable & Wireless, BT and Carrier 1. Hermes is owned by US telecomms operator Global Telesystems Group, which recently purchased Esprit Telecom.
The funds raised by Hermes will be used to expand the company's network, according to a company spokesperson, both in terms of extending its coverage and expanding its capacity.
The high yield bond can offer better than average returns for investors, but has a greater risk attached. The so-called 'junk bond' is the first in Europe since July's 100 million euro offering by London based satellite company ICO Global Communications.
Hermes' European network runs over 9,000 kilometres spanning 17 cities including London, Paris and Amsterdam, and most recently extended to include Stockholm, Copenhagen and Berlin. Hermes also operates Ebone, an Internet backbone with over 100 European ISP customers.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago