Irish-managed Global Voice, which operates one of Europe's largest fibre-optic networks, has raised up to €32 million through the issue of convertible bonds.

The bond issue was oversubscribed before the company advertised it.

Global Voice managing director Noel Meaney said the bonds had been purchased by existing significant shareholders in the company and it is hoped the majority will convert their holdings into stock.

Global Voice, which trades as euNetworks in Europe and is listed in Singapore, has earmarked the funds for a number of specific projects.

It is currently laying a submarine cable between Ireland and Wales. This connection will link Dublin with Liverpool, Manchester and Birmingham and ultimately link in with the 210km of dark fibre which Global Voice owns in London and which will be lit as a result of the fundraising.

"There are two or three carriers with cable out of Ireland to the UK but some of it is quite antiquated and needs to be upgraded for modern applications," said Mr Meaney. "Laying our own cable is in line with our model of owning all our assets."

Other projects to be completed include investments in Berlin and Munich, building a long-haul network which will connect euNetworks' German assets, and the commissioning of 35,000 square feet of additional data centre space in Amsterdam.

One of the company's major clients in the Netherlands is the Amsterdam Internet Exchange.

"They are the largest internet exchange in the world - if that went down most of the western European internet would go down with it," said Mr Meaney.

The total amount of the bond issue is up to €32 million before expenses, with a five-year maturity and 3 per cent annual interest rate. Mr Meaney said the issue was sold in Singapore due to the low coupon price.

"On a good day we have a market cap of €300 million but we have no debt except for the bonds and own infrastructure worth €1.2 billion," said Mr Meaney.