July 13, 2020

LBBW acts as joint MLA in major Swedish fiber transaction

Press Release

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.