euNetworks Holdings Limited has completed the refinancing of existing indebtedness as well as raising undrawn, committed debt facilities to fund the construction and development of bandwidth infrastructure in Europe.
This new long term infrastructure financing solution provides total debt facilities of €760 million (US$860 million).
The refinancing attracted interest from infrastructure lenders, both banks and blue chip institutional investors
The operator said the financing includes a large committed revolving capital expenditure facility to support future organic growth opportunities and M&A activity, and establishes a long-term financing platform provided by 16 funders, including Allianz Global Investors, AXA IM Alts, Edmond de Rothschild AM BRIDGE, MEAG, Schroders Capital, Vantage Infrastructure, Banco de Sabadell, DNB (UK) Limited, Export Development Canada (EDC), Intesa Sanpaolo, Lloyds Bank, National Australia Bank, National Westminster Bank plc, NIBC, Santander and Royal Bank of Canada.
Brady Rafuse, Chief Executive Officer of euNetworks, commented: “This refinancing allows us to continue growing in partnership with our customers, to continue investing in new technologies and to continue deepening our network footprint.
“The high level of liquidity available through the process also reflects the strong proposition and core infrastructure characteristics offered by euNetworks. We are delighted that this debt raise provided an opportunity to embed our commitment to sustainability through the inclusion of ESG-linked KPIs and thank our lenders for their support as we continue to build and deploy fibre network infrastructure in Europe.”
Brian McMullen, Senior Managing Director at Stonepeak, added: “There is no shortage of compelling capital opportunities in Europe and this new long term infrastructure financing will enable euNetworks to build on the unique position it has in the region, fuelling further organic growth.
“As the fastest growing fibre business in Europe, euNetworks continues to distinguish itself in an increasingly connected society, where certain backbone fibre networks underpin the digital infrastructure ecosystem.”
euNetworks was advised by RBC Capital Markets (debt advisor), and Allen & Overy (legal counsel). The lenders were advised by Latham & Watkins.
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