DIF Capital Partners (via its CIF II fund) and ielo’s founding shareholders are pleased to announce that DIF portfolio company ielo, a leading French high speed fibre provider, has closed a EUR 208 million senior debt financing to refinance its existing debt and support its growth ambitions.
ielo is the sole neutral wholesale provider of high-speed Fibre-to-the-Office (FTTO) infrastructure with a countrywide presence in France. It covers 3,300 municipalities and provides guaranteed high-bandwidth connectivity to a client base of 400+ wholesale customers.
DIF made its first investment in ielo in 2020. Since then the company has accelerated the deployment of its fibre optic infrastructure network from c. 2,000km to 27,000km.
The financing package comprises senior loans provided by a club of senior lenders including NAB, NordLB, EdRAM, LCL, NIBC and LBPAM. There is a further uncommitted accordion facility available to support the business plan by expanding the financing when required.
The successful financing provides further momentum to ielo’s progress in expanding and densifying its neutral wholesale fibre network across France. The transaction is a testament to DIF’s value creation capability and ability to secure competitive financing for critical infrastructure projects.
Willem Jansonius, Partner and Head of CIF at DIF, comments: “ielo is a tremendously successful growth story in high speed fibre. Its outstanding operational performance and customer focus make it an exceptional player in its market. This financing will power the next stage of its development.”
DIF was advised by RBC Capital Markets, Latham & Watkins and Dentons. Lenders were advised by A&O Shearman.
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