CityFibre raises £4.9bn for fibre rollout

Created June 9, 2022
CityFibreNews and Business

CityFibre, the UK’s largest independent carrier-neutral full fibre platform, has confirmed a debt package totalling £4.9 billion. The company says it is one of the largest single financings dedicated to full fibre deployment across Europe, and fully funds CityFibre’s rollout to a third of the UK market by 2025. The debt raise is underwritten by NatWest, Société Générale, Crédit Agricole CIB, BBVA, Intesa Sanpaolo, ING and SEB; with ABN AMRO, Lloyds Bank and the pensions and M&G Investments joining as core lenders. Also participating as a core lender is the recently established UK Infrastructure Bank (UKIB), recognising CityFibre’s contribution to critical national infrastructure deployment and the Government’s levelling up programme. Combined, these debt and equity funds will fully finance the completion of CityFibre’s rollout to 8 million homes, 800,000 businesses, 400,000 public sector sites and 250,000 5G access points.

The financing follows £1.125 billion in equity investments that CityFibre has closed in the last ten months from two new investors, Mubadala and Interogo Holding as well as from existing investors Antin Infrastructure Partners and the Infrastructure business within Goldman Sachs Asset Management. The funds will also enable CityFibre to increase its participation in Build Digital UK’s ‘Project Gigabit’ rural programme. By extending its networks to rural areas surrounding the 285 cities, towns and villages identified in its existing rollout, supporting the Government’s rural coverage objective.

Greg Mesch, chief executive officer of CityFibre, said: “Over the last decade we’ve built a business that has transformed the UK’s digital connectivity landscape for the better. With our rollout now fully financed, backed by so many esteemed financial institutions, we have emerged as a strong national challenger. But CityFibre’s aim is not simply to challenge. It’s to be better. It’s to establish ourselves as the preferred network wherever we build, bringing higher-quality, more affordable infrastructure within reach of millions and unleashing the transformative economic potential of full fibre to help level up the UK. We have never been more confident that we will succeed.”

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This article was written
by Peter Dykes

Peter Dykes is a independent telecoms and technology journalist who has over that last 30 years written for a wide range of B2B publications and companies. A former BT engineer, he specialises in networks and associated support systems. He is currently Editor of Optical Connections.