construct 7,000 km of cable to serve the north of Europe.

Pangea Ltd. president and chief executive officer Lawrence M. Codacovi said yesterday that the company had got financing to construct the Pangea 1 fiber optic cable system serving Northern Europe and Scandinavia.

Pangea had earlier announced construction and project management contracts with Alcatel, Nortel Networks and Bechetel Telecommunications for the system connecting the U.K., the Netherlands, Germany, Denmark, Sweden, Estonia, Finland and Norway.

Mr. Codacovi said that bank financing in the amount of $263 million was arranged through Morgan Stanley Dean Witter.

A group of venture capital firms led by Dolphin Communications Partners and including Columbia Capital, HarbourVest Partners, Madison Dearborn Partners and Norwest Venture Partners provided $148 million in equity funding.

The balance of $25 million was arranged through vendors.

-- Mairi Mallon