- Refinancing attracted significant interest from existing and
new lenders
- Additional long-term sustainability-linked infrastructure
financing further aligns euNetworks’ ESG and financial
frameworks
euNetworks Holdings Limited (“euNetworks”), a Western European
bandwidth infrastructure company, today announced that it has
completed the refinancing of existing debt as well as raising
significant undrawn, committed debt facilities. This will fund the
construction and development of the next generation of critical
bandwidth infrastructure in Europe. The new long-term
infrastructure financing solution provides total debt facilities of
€1,260 million.
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Katherine Alexakis, Chief Financial
Officer, euNetworks (Photo: Business Wire)
euNetworks builds and invests in city and long haul fibre
networks to connect key European data centres and data hubs. The
company owns and operates deep fibre networks in 18 cities as well
as a highly differentiated long haul network that spans 45,000
route kilometres across 17 countries. As a specialist in the
sector, euNetworks continues to grow and invest in partnership with
its customers, supporting new technologies and deepening its unique
fibre networks in Europe. These investments fuel the company’s
growth.
The refinancing, which was driven by two of euNetworks’ existing
investors, Stonepeak and Investment Management Corporation of
Ontario (“IMCO”), attracted significant interest from
infrastructure-focused financial institutions, reflecting the
strong conviction in euNetworks’ position. The financing extends
the sustainability link established in the previous debt raise in
2021, reinforcing euNetworks’ commitment to its ESG agenda. It
includes a large committed revolving capital expenditure facility
to support future organic growth opportunities and M&A
activity, and establishes a long-term financing platform provided
by 14 funders – ABN AMRO Bank, AXA IM Alts, Banco de Sabadell, CIBC
UK, DNB (UK) Limited, Export Development Canada, Intesa Sanpaolo
(IMI CIB Division), LBBW, Lloyds Bank, MUFG Bank, National
Australia Bank, NIBC, Nord/LB, and Royal Bank of Canada.
"This debt financing enables us to sustain our growth alongside
our customers, to further invest in and expand our network
infrastructure footprint," said Katherine Alexakis, Chief Financial
Officer of euNetworks. "The substantial liquidity accessible
through this process underscores the robust value proposition and
fundamental infrastructure delivered by euNetworks. We're pleased
that this incremental debt raise allowed us to continue to
incorporate our dedication to sustainability by integrating
ESG-linked Key Performance Indicators, and we extend our gratitude
to our lenders for their support as we continue to construct and
deliver critical bandwidth infrastructure."
Cyrus Gentry, Managing Director at Stonepeak, said, "Europe
presents numerous attractive capital prospects. This incremental,
long-term infrastructure financing further empowers euNetworks to
leverage its distinct position in the region. As a market leader in
data centre connectivity in Europe, euNetworks consistently sets
itself apart in an increasingly interconnected society, where key
fibre networks are the bedrock of the digital infrastructure
landscape we see ahead.”
Matthew Mendes, Managing Director and Head of Global
Infrastructure at IMCO said, “We see tremendous growth
opportunities in the bandwidth infrastructure sector, driven by an
ever-increasing demand for data transmission. This financing will
enable euNetworks to continue expanding and densifying its premier
footprint, building the next generation network to serve this
demand. IMCO is proud and excited to play a role in advancing
euNetworks’ leadership position in European connectivity.”
euNetworks was advised by RBC Capital Markets (debt advisor),
and A&O Shearman (legal counsel). The lenders were advised by
Latham & Watkins.
About euNetworks
euNetworks is a critical bandwidth infrastructure company,
owning and operating 18 fibre-based metropolitan networks connected
with a high capacity intercity backbone covering 53 cities in 17
countries across Europe. The company leads the market in data
centre connectivity, directly connecting over 536 today. euNetworks
is also a leading cloud connectivity provider and offers a targeted
portfolio of metropolitan and long haul services including Dark
Fibre, Wavelengths, and Ethernet. Wholesale, finance, content,
media, mobile, data centre and enterprise customers benefit from
euNetworks’ unique inventory of fibre and duct based assets that
are tailored to fulfil their high bandwidth needs.
The company delivers services with an active commitment to
sustainability and is focused on its path to being carbon emissions
net zero, environmentally responsible supply chain management and
working as a community and industry to collaborate on the
environmental challenges ahead. For further information visit
eunetworks.com.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing
in infrastructure and real assets with approximately $65.1 billion
of assets under management. Through its investment in defensive,
hard-asset businesses globally, Stonepeak aims to create value for
its investors and portfolio companies, with a focus on downside
protection and strong risk-adjusted returns. Stonepeak, as sponsor
of private equity and credit investment vehicles, provides capital,
operational support, and committed partnership to grow investments
in its target sectors, which include communications, energy and
energy transition, transport and logistics, and real estate.
Stonepeak is headquartered in New York with offices in Hong Kong,
Houston, London, Singapore, and Sydney. For more information,
please visit www.stonepeak.com.
About IMCO
The Investment Management Corporation of Ontario (IMCO) manages
$77.4 billion of assets on behalf of our clients. Designed
exclusively to drive better investment outcomes for Ontario's
broader public sector, IMCO operates under an independent,
not-for-profit, cost recovery structure. We provide leading
investment management services, including portfolio construction
advice, better access to a diverse range of asset classes and
sophisticated risk management capabilities. As one of Canada's
largest institutional investors, we invest around the world and
execute large transactions efficiently. Our scale gives clients
access to a well-diversified global portfolio, including
sought-after private and alternative asset classes. Follow us on
LinkedIn and X @imcoinvest
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Hannah Britt | Chief Marketing Officer |
euNetworks hannah.britt@eunetworks.com email | +44
7717 896 446 mobile Kate Beers / Maya Brounstein |
Stonepeak corporatecomms@stonepeak.com email | +1 (212)
907-5100 phone Annette Robertson| IMCO
Annette.Robertson@imcoinvest.com email | + 1 437 233 3971
phone