Seven financial institutions have backed the first phase of CityFibre鈥檚 UK investment plan with a 拢1.12bn (鈧�1.25bn) infrastructure debt package.
CityFibre - which is jointly owned by Goldman Sachs鈥� West Street Infrastructure Partners and Antin Infrastructure Partners - has agreed the debt package with ABN AMRO, Deutsche Bank, Lloyds Bank, Natixis, NatWest, Santander and Soci茅t茅 G茅n茅rale.
The fibre network infrastructure provider said the debt package includes a 拢775m seven-year capex facility and 拢45m revolving overdraft and working-capital facility. It also includes a 拢300m accordion facility.
In October, CityFibre announced a 拢2.5bn investment plan to expand its full fibre network.
The debt package will be used to fund the deployment of the first two million homes of CityFibre鈥檚 five million homes target and will expand CityFibre鈥檚 existing full fibre networks, CityFibre said.
Terry Hart, CityFibre鈥檚 CFO, said: 鈥淭he appetite from these institutions to support our financing is further evidence that CityFibre鈥檚 strategy is the right one for the UK.
鈥淎s our networks are rolled out, this will benefit everyone, driving innovation and increasing fibre penetration across the UK, providing the future-proof digital connectivity the UK needs.鈥�
