GlobalConnect Group has announced the completion of a €2.7 billion ($3.2 billion) debt refinancing.

The EQT Infrastructure-backed company operates an 84,500-kilometer (52,500-mile) fiber network across Germany, Denmark, Norway, Sweden, and Finland, as well as offering 27,000 sqm (290,000 sq ft) worth of colocation services across 16 data centers.

Backed by a group of 14 Scandinavian and international lenders, the new debt refinances loans previously held separately by GlobalConnect and has raised additional funds for expansion.

“This is one of the largest infra-debt refinancings in 2021 secured by a privately held company in the Nordics. The refinancing allows us to continue pursuing a growth journey fueled by a strong ambition to expand our footprint in existing markets, and exploring new markets in Northern Europe,” said GlobalConnect CFO Henrik Schibler.

“Available liquidity and appetite for this transaction has been larger than anticipated, driven by strong global infra-debt markets and the highly attractive credit profile of GlobalConnect – and as a result leading to very attractive financing terms.”

The lender consortium consists of five Active Bookrunners, three Underwriters, and six Cornerstone Lenders coordinated by ING and SEB.

In November 2019 GlobalConnect merged with Swedish fiber provider IP-Only.

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