United Kingdom: Gigaclear secures £1.5 billion debt facility

UK alternative network provider Gigaclear has recently secured a new debt facility of up to £1.5 billion, which is split between an upfront facility of around £1bn ($1.26bn) and an uncommitted accordion of circa £500 million. This new debt facility was provided by a consortium of banks including ABN AMRO, Credit Industriel et Commercial, HSBC, Kommunalkredit, LBBW, Lloyds, NatWest, NAB, NIBC, and SEB.

Gigaclear CEO Gareth Williams said, “By securing this debt funding, we’ve shown that despite high levels of volatility in the sector there remains an appetite among lenders to support fiber operators that can demonstrate a robust business model. Not only is it an endorsement of Gigaclear’s mission to take its full fiber broadband to underserved, rural communities across England but it is also a reflection of the great things being achieved by the team at Gigaclear."

This network provider, founded in 2010, specializes in delivering fiber broadband to underserved rural communities. Gigaclear’s footprint currently extends to more than half a million premises across 26 counties.