London-based ISP Community Fibre Limited has today announced that it has secured a new finance facility of £985 million.
The company said the financing would enable it to continue its rollout of a full-fibre broadband network to 2.2 million homes in the capital by the end of 2024. Community Fibre already has 675,000 ready-for-service homes in London and the South East.
The £985 million comprises £685 million committed facilities with a further £300 million uncommitted accordion. Community Fibre was advised by Rothschild & Co.
“We are delighted that lenders have seen the impact of our ever-increasing network and the level of customer interest in faster, more reliable and more affordable broadband access. In a time of money worries for many families Community Fibre has been able to deliver a better service for a lower price. We will now be able to accelerate our network roll out and bring these benefits to a much larger number of customers” says Graeme Oxby, CEO of Community Fibre.
The secured finance facility follows Community Fibre’s £400m investment announcement in 2020 where it reached a majority stake agreement with funds advised by Warburg Pincus LLC and DTCP, alongside its existing investors Amber Infrastructure and RPMI Railpen.
