DC Advisory advised Infracapital on raising a EUR 895M financing package for Infrafibre Germany

Background

• Infrafibre Germany (IFG) is a fast-growing fibre provider in Southern Germany and is fully owned by Infracapital, the infrastructure equity investment arm of M&G plc

• IFG’s platform operates a fibre network that reaches c.150k homes passed in rural and underserved areas of Southern Germany, deploying and operating both fibre to the cabinet (FTTC) and fibre to the premises (FTTP)

• Germany is considered as one of the most underserved broadband markets in Europe, reflecting the importance of IFG’s role in connecting rural communities in Southern Germany

Process

• DC Advisory (DC) was appointed as exclusive financial advisor for Infracapital’s financing of IFG’s ongoing network rollout

• DC supported Infracapital throughout the financing process and successfully delivered a number of detailed work streams, including:

  • Business plan development and analysis;

  • Financial modelling and debt structuring;

  • Support in drafting investment committee materials; and

  • Documentation negotiation and engaging with potential lenders

Outcome

• DC supported IFG in securing a highly attractive EUR 895M financing package executed on competitive terms, including EUR 500M committed debt (including a EUR 40M RCF) and EUR 395M uncommitted accordion tranche

• This funding will support IFG's growth ambitions to reach c.510k homes passed by 2026

• DC leveraged its extensive knowledge and experience in the fibre sector to successfully lead this process, and this transaction further reinforces DC’s experience in advising on complex infrastructure financings