CityFibre secures debt package for first stage of fibre rollout programme

19 Dec 2018

British pure fibre provider CityFibre has announced that it has put in place a debt package of GBP1.12 billion (USD1.15 billion) from seven major financial institutions, the proceeds of which will be used to fund phase one of its GBP2.5 billion investment plan, under which it aims to roll out fibre-to-the-premises (FTTP) connectivity to five million homes by 2025.

In a press release regarding the development, CityFibre claimed the funding represented ‘the largest debt financing package dedicated to full fibre rollouts in the UK’s history and represents an important milestone in CityFibre’s plan to improve the country’s digital future’. It noted that the debt package will be used to fund the deployment of the first two million homes, and will enable it to expand its existing full fibre networks in 37 previously announced towns and cities nationwide.

Commenting on the matter, CityFibre’s chief finance officer Terry Hart was cited as saying: ‘The appetite from these institutions to support our financing is further evidence that CityFibre’s strategy is the right one for the UK.’

United Kingdom, CityFibre