Operis is pleased to have provided a full model audit in support of G.Network’s ongoing full-fibre roll-out in thirteen London boroughs. The project involves the raising of £745m of committed capital from one new shareholder and a syndicate of four banks.
This additional capital will go towards the further expansion of a 100% fibre connected network in London as G.Network plan to provide faster broadband to 1.4 million homes in the capital. This project will create as many as 1,250 jobs.
In December 2020, majority shareholders Cube Infrastructure Managers sold a stake in G.Network to USS (University Superannuation Scheme). This project would be USS’s first move into the UK fibre sector, however, they have previously invested in other UK infrastructure projects such as Heathrow Airport.
The debt will be provided by Investec, Kommunalkredit, NatWest and Santander. This funding is in the form of a CAPEX facility and an accordion facility that can be drawn in the future. The CAPEX facility has a tenor of seven years.
As part of this deal, Operis has continued a successful relationship with Rothschild & Co, who Operis have previously worked with on a number of UK based fibre deals in recent history such as CityFibre and Gigaclear. Rothschild & Co acted as financial advisor for G.Network in this deal.