DC Advisory advises RuNe Group, a portfolio company of Cube Infrastructure Managers, on expanding its credit facility to secure an additional €30m accordion
Background
- RuNe Group is a wholesale-only open-access fibre-to-the-home (FTTH) network operator in rural areas of Slovenia and Croatia, with nearly 200k homes passed
- RuNe is a portfolio company of the Connecting Europe Broadband Fund (CEBF), an infrastructure fund investing in greenfield projects in the broadband infrastructure space across underserved areas in Europe. The fund is managed by Cube Infrastructure Managers (Cube IM), a mid-market private equity investor in the Infrastructure sector
Process
- DC Advisory was appointed as exclusive financial advisor by CEBF to increase the existing financing of RuNe and incorporate an €30m incremental facility
- Leveraging its deep expertise in the fibre sector and international reach, DC Advisory supported CEBF and RuNe through a complex financing process from business plan development and financial modeling to assisting counsel with structuring commercial terms, optimizing lender exposure, and leading negotiations to unlock an additional €30m accordion
- Timely execution was critical to secure financing certainty, as RuNe remains one of the few high-performing assets in CEE. RuNe’s strong operating performance and established lender relationships enabled swift execution and financing certainty, despite challenging sector conditions
Outcome
- In November 2025, RuNe expanded its existing credit facilities with a €30m accordion leading to a total of €150m to drive its roll-out plans
- RuNe successfully optimized its business plan to align with its updated trajectory, incorporating amended financing to support its expanded roll-out targets
- RuNe’s solid performance and strong positioning as a leading fibre player in CEE attracted lender confidence which helped in overcoming sector headwinds. RuNe’s robust fundamentals and growth potential particularly in Croatia underpinned the successful and timely execution of the accordion financing
- Following the successful amendment of RuNe Group’s credit facilities in 2024, this second consecutive transaction with the company further underscores DC Advisory’s fibre-sector expertise and reinforces the firm’s leading track record in complex infrastructure financings across Europe
“Unlocking the accordion marks a significant milestone in our journey to further strengthen RuNe’s position as a leading open access FTTH provider in Croatia and Slovenia, while the increased support of our pool of banks demonstrates the robustness of the model and performance of the asset. The value-accretive contribution of DC Advisory through their strategic insight, persistence, and unwavering support was instrumental in achieving this success.”
“We thank DC Advisory for unlocking the accordion and enabling the operational flexibility critical to executing our business plan”.
“It was a pleasure to work once again with RuNe Group and CEBF on unlocking the accordion. We are proud to have supported the company at such a pivotal stage and wish them every success as they move into the next phase of their FTTH roll-out”.
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Sectors
- Infrastructure
Deal type
- Debt Advisory & Restructuring
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Managing Director
Vice President
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