Deal details

Deutsche Glasfaser's FTTH Roll Out Project Financing

Description

Deutsche Glasfaser, a fiber-to-the-home (FTTH) provider in Germany, which is backed by EQT Infrastructure and OMERS, has signed a debt financing agreement totaling €5.75bn, with a consortium of lenders, for the purposes of i) refinancing its existing debt and ii) providing incremental capital to invest in fiber optic deployments in Germany. Notably, this deal represents the largest fiber optic financing transaction in Germany. This is an ESG-linked loan as the margins on the deal are tied to three KPIs - carbon dioxide emissions, connecting rural households to the fibre optic network and social responsibility as an employer.

Assets involved

Companies involved

  • Skandinaviska Enskilda Banken (SEB), ING Bank, Sumitomo Mitsui Banking Corporation (SMBC), KfW IPEX-Bank, BNP Paribas, Credit Agricole CIB, UniCredit, ABN AMRO, Societe Generale, Santander
  • Santander, Societe Generale, AXA Financial, BNP Paribas, Sumitomo Mitsui Banking Corporation (SMBC), Landesbank Baden - Wurttemberg (LBBW), Infranity (Former Generali Global Infrastructure), Kommunalkredit Austria AG, KfW IPEX-Bank, Skandinaviska Enskilda Banken (SEB), ABN AMRO, Credit Agricole CIB, National Australia Bank (NAB), ING Bank, UniCredit
  • BNP Paribas, Credit Agricole CIB, Skandinaviska Enskilda Banken (SEB), UniCredit, Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), ABN AMRO, KfW IPEX-Bank, Santander, ING Bank
  • Clifford Chance
  • OMERS Infrastructure Management Inc, EQT
  • EY-AHB, Credit Agricole CIB
  • Kommunalkredit Austria AG, Infranity (Former Generali Global Infrastructure), Landesbank Baden - Wurttemberg (LBBW), AXA Financial, National Australia Bank (NAB)
  • Freshfields Bruckhaus Deringer
  • ING Bank, Credit Agricole CIB
  • BDO Capital
  • ING Bank

Key information

Speedbreak BidCo GmbH

6506$m

31-03-2022

Telecoms and Communications / Broadband / cable network

Germany

Project & Infrastructure Finance

Not PPP

Tranche information

Term Loan

2829$m

Euro - EUR

2,500,000,000

7.0 years

-

Euribor

200.0

Participant role ticket size
Sumitomo Mitsui Banking Corporation (SMBC) Lender 188$m
Skandinaviska Enskilda Banken (SEB) Lender 188$m
KfW IPEX-Bank Lender 188$m
ING Bank Lender 188$m
Credit Agricole CIB Lender 188$m
BNP Paribas Lender 188$m
ABN AMRO Lender 188$m
Santander Lender 188$m
Societe Generale Lender 188$m
Kommunalkredit Austria AG Lender 188$m
National Australia Bank (NAB) Lender 188$m
Landesbank Baden - Wurttemberg (LBBW) Lender 188$m
Infranity (Former Generali Global Infrastructure) Lender 188$m
AXA Financial Lender 188$m
UniCredit Lender 188$m

Term Loan

3394$m

Euro - EUR

3,000,000,000

7.0 years

-

Euribor

200.0

Participant role ticket size
UniCredit Lender 226$m
Sumitomo Mitsui Banking Corporation (SMBC) Lender 226$m
Skandinaviska Enskilda Banken (SEB) Lender 226$m
Societe Generale Lender 226$m
AXA Financial Lender 226$m
Infranity (Former Generali Global Infrastructure) Lender 226$m
Landesbank Baden - Wurttemberg (LBBW) Lender 226$m
National Australia Bank (NAB) Lender 226$m
Santander Lender 226$m
Kommunalkredit Austria AG Lender 226$m
ABN AMRO Lender 226$m
BNP Paribas Lender 226$m
Credit Agricole CIB Lender 226$m
ING Bank Lender 226$m
KfW IPEX-Bank Lender 226$m

Revolving credit facility

282$m

Euro - EUR

250,000,000

7.0 years

-

Euribor

200.0

Participant role ticket size
ING Bank Lender 18$m
UniCredit Lender 18$m
Credit Agricole CIB Lender 18$m
Sumitomo Mitsui Banking Corporation (SMBC) Lender 18$m
Societe Generale Lender 18$m
AXA Financial Lender 18$m
Infranity (Former Generali Global Infrastructure) Lender 18$m
Landesbank Baden - Wurttemberg (LBBW) Lender 18$m
National Australia Bank (NAB) Lender 18$m
Kommunalkredit Austria AG Lender 18$m
ABN AMRO Lender 18$m
BNP Paribas Lender 18$m
KfW IPEX-Bank Lender 18$m
Santander Lender 18$m
Skandinaviska Enskilda Banken (SEB) Lender 18$m