Pan-European fibre operator EuNetworks has secured new debt to develop its network and repay existing debt.
The bandwidth infrastructure provider has entered into a €70m (US$88m) multi-currency credit facility with Barclays and RBC Capital Markets,…
Pan-European fibre operator EuNetworks has secured new debt to develop its network and repay existing debt.
The bandwidth infrastructure provider has entered into a €70m (US$88m) multi-currency credit facility with Barclays and RBC Capital Markets, and the loan can be expanded to €100m (US$126m) if growth opportunities present themselves.
EuNetworks did not disclose the terms of the loan beyond saying it was happy with the interest rate, total leverage incurrence test, and the delayed draw feature.
Brady Rafuse, CEO of EuNetworks, said: “This funding enables us to further meet the growing bandwidth needs of existing and new customers across Europe.
“The terms of this facility are a strong reflection of the positive momentum we have seen in the business in 1H 2014. We remain focused on delivering to our targets and scaling the business further with this funding.”
Some of proceeds of the new loan will be used to completely repay existing debt facilities that were entered into in May 2013.
EuNetworks operates fibre and data centres across Europe and is headquartered in London, although the business has been listed on the Singapore Stock Exchange since 2004 and is registered on the island.