UK's alternative wholesale fiber access network operator CityFibre announced that it has put in place a debt package of £1.12 billion from seven major financial institution.
Proceeds from this infrastructure debt package will be used to fund the first part of CityFibre’s £2.5 billion investment plan, which will see it roll-out full fibre to five million homes, a third of the Government’s target of 15 million homes by 2025.
This is the largest debt financing package dedicated to full fibre rollouts in the UK’s history and represents an important milestone in CityFibre’s plan to improve the country’s digital future, claims the Company. The clear support of some of Europe’s largest financial institutions is a strong endorsement of CityFibre’s strategy and further validates its business model.
The debt package will be used to fund the deployment of the first two million homes of CityFibre’s five million homes target and will expand CityFibre’s existing full fibre networks in 37 previously announced towns and cities nationwide. As well as connecting homes, CityFibre’s full fibre network is designed to serve all businesses and public sector sites, provide a superior backbone for mobile operators’ existing locations, enable the rollout of 5G and Internet-of-Things technology and offer transformative, future-proofed connectivity to those joining the Gigabit City Club.
Terry Hart, CFO, CityFibre
CityFibre’s target to reach five million homes by 2025, as well as thousands of businesses and public sector sites, will catalyse huge economic growth in regional towns and cities across the country.
