Syndication of the SEK 8.8 billion (roughly Euro 820 million) senior loan financing that helps refinance EQT Infrastructure’s buyout of IP-Only has closed via underwriters, bookrunners and MLAs Deutsche Bank, ING and SEB. EQT Infrastructure bought IP-Only - an alternative fibre-based provider of data communication services - from EQT’s Mid Market and Mid Market Europe funds last year.
The new financing partly refinances that all-equity deal, and is split between a SEK 6 billion term loan, a SEK 2.5 billion capex facility and a SEK 300 million revolver. Deutsche Bank, ING, NIBC, Nordea, Santander, and SEB make up the original lending group, while in primary syndication a number of additional investors joined.
LBBW took a MLA role with a ticket size of roughly Euro 75 million, thereby marking its entry in the financing of major international fiber optic infrastructure assets. Founded in 1999, IP-Only today owns and operates a roughly 16,000 km fibre-based network infrastructure, covering 230 out of 290 Swedish municipalities.