A US fibre-to-the-home (FTTH) platform backed by Dutch pension asset manager APG has received $350m financing its debut debt raise.
Future Fiber Networks, the Patrizia Infrastructure-managed joint venture between APG and SiFi Networks, has received the seven-year financing to use alongside APG鈥檚 $500m equity investment in Future Fiber to deliver 鈥渇uture-proof FTTH connectivity and smart city solutions across the US鈥�.
Bart Saenen, senior portfolio manager at APG, said: 鈥淲e are extremely pleased with the outcome of this first-of-a-kind financing for Future Fiber鈥檚 US rollout that contributes to APG鈥檚 ambition to support digitalisation and the energy transition, as fiber is more energy-efficient than copper or cable.
鈥淚mportantly, the financing, alongside APG鈥檚 $500m equity investment, will help deliver an attractive and sustainable return for our pension fund clients and their participants.鈥�
James Courtenay-Evans, CFO at SiFi Networks, said: 鈥淲e are delighted with the outcome of our inaugural financing which has been carefully implemented to align to European-style fiber financings that has the flexibility to facilitate our build-out ambitions.
鈥淎longside APG鈥檚 equity commitment, the financing package allows us to deploy our market-leading, open-access fiber capabilities through the Future Fiber venture, and we are extremely excited to see the benefit from our citywide fibre optic networks and smart city applications in underserved US cities.鈥�
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