euNetworks refinances as it increases debt to €760m
European long-haul and metro fibre company euNetworks has refinanced its debt and increased its total debt facilities to €760 million.
The company said the money will fund the construction and development of the next generation of critical bandwidth infrastructure in Europe.
“This refinancing allows us to continue growing in partnership with our customers, to continue investing in new technologies and to continue deepening our network footprint,” said Brady Rafuse (pictured), CEO of euNetworks.
Majority shareholder Stonepeak said the euNetworks team “continues to do an exceptional job, and we remain committed to supporting them as they move ahead, deploying capital at pace”.
Brian McMullen, senior managing director at Stonepeak, said: “There is no shortage of compelling capital opportunities in Europe and this new long term infrastructure financing will enable euNetworks to build on the unique position it has in the region, fuelling further organic growth.”
He said it “is the fastest growing fibre business in Europe”, and added: “euNetworks continues to distinguish itself in an increasingly connected society, where certain backbone fibre networks underpin the digital infrastructure ecosystem.”
Rafuse said: “The high level of liquidity available through the process also reflects the strong proposition and core infrastructure characteristics offered by euNetworks.”
He said the debt raise included wnvironmental, social, and governance (ESG) linked key performance indicators, giving “an opportunity to embed our commitment to sustainability”.
euNetworks said the refinancing “attracted significant interest from infrastructure lenders, both banks and blue chip institutional investors, reflecting euNetworks’ strong infrastructure characteristics”.
The company has 17 fibre-based metropolitan networks connected with a high capacity intercity backbone covering 51 cities in 15 countries across Europe. The company connects 455 data centres.