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Clifford Chance advises Infracapital in relation to €895m financing facilities for German fibre provider IFG to fund ongoing rollout in underserved communities

11 October 2022

Clifford Chance advises Infracapital in relation to €895m financing facilities for German fibre provider IFG to fund ongoing rollout in underserved communities

International law firm Clifford Chance advised Infracapital, the infrastructure equity investment arm of M&G Plc, in relation to a financing agreement for its German fibre infrastructure asset, Infrafibre Germany (IFG). The deal comprises seven year infrastructure style debt facilities underwritten by NatWest, ABN AMRO and NORD/LB with SEB acting as a cornerstone lender.

IFG targets underserved and rural areas in Southern Germany to deploy fibre infrastructure, both fibre to the cabinet (FTTC) and fibre to the premises (FTTP). The total facility size is €895m, comprising €500m committed upfront (incl. a €40m RCF), and a €395m uncommitted accordion tranche. These will be paramount to supporting IFG’s growth ambitions to reach its target of c. 510,000 homes passed by 2026. Germany is one of the most underserved broadband markets in Europe and the platform’s network has already reached c. 150,000 homes passed.

The multi-jurisdictional Clifford Chance Global Financial Markets team advising on the financing comprised Partners Julia House and Michael Bates, Senior associate Skanda Kumble and associate Yasmin Johnson in London. In Frankfurt, advice was led by Partners Dr Christof Häfner, Georg Lübbehüsen. In Luxembourg support was led by Partner Marc Mehlen, Senior Associate Alexandre Sensi and trainee Pierre Bellec. Hedging advice came from Partner Anne Drakeford and Senior Associate Katy Parkes in London.