€70 million available commitment to be used to repay existing debt, for corporate purposes and for incremental organic and inorganic growth.
London, UNITED KINGDOM; Frankfurt, GERMANY – 3 October 2014 – euNetworks Group Limited, today announced that euNetworks GmbH has entered into a €70m credit loan facilities agreement jointly with Barclays Bank PLC and RBC Capital Markets. The credit loan may be expanded to €100m as organic or inorganic growth opportunities materialise.
Terms and conditions for the committed credit loan facility including interest rate, total leverage incurrence test and delayed draw feature are favourable to market.
The funds are intended to be utilised for general corporate purposes, network development and corporate development activities. A portion of this new credit loan facility will also be used to completely repay existing debt facilities that were entered into on 8 May 2013. euNetworks has the option to draw funds in multiple currencies under the revolving credit facility.
“This is an exciting time for euNetworks, with significant opportunities identified to grow the business further,” said Brady Rafuse, Chief Executive Officer of euNetworks. “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.”
euNetworks is a bandwidth infrastructure company, owning and operating 17 fibre based metropolitan networks connected with a high capacity intercity backbone covering 51 cities in 15 countries. The company leads the market in data centre connectivity, directly connecting over 430 today. euNetworks is also a leading cloud connectivity provider, directly connecting to all key cloud platforms with access to additional platforms. The company offers a targeted portfolio of metropolitan and long haul services including Dark Fibre, Wavelengths, and Ethernet. Wholesale, finance, content, media, 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.