EQT's IP-Only secures SEK 8.3bn refinancing

The SEK 8.3bn debt package replaces an existing one taken out through instalments last year. The new package adds SEK 4bn to the previous debt, according to a source close to the matter.

With the fresh financing, the group plans to roll out fibre access to single- and multi-dwelling units in Sweden, connecting households, businesses and mobile towers with high-speed telecoms infrastructure.

The GP intends to use the facility to exclusively finance the roll-out and will not receive a dividend, according to the source.

EIB is the key lender, providing SEK 1.2bn. Other arrangers included BNP Paribas, Crédit Agricole, Danske Bank, DnB Bank, ING, Nordea, Pension Danmark, SEB, SEK, Societe Generale, and Swedbank.

Previous funding
EQT agreed to acquire IP-Only in 2013, drawing equity from its Mid-Market fund. EQT secured 91% of IP-Only from the company's three largest shareholders at SEK 1.25 per share, totalling around SEK 680m. EQT originally did not leverage its investment, according to unquote" data.

The deal was EQT's first acquisition in the Swedish fibre network market, with the GP aiming to create organic growth through further investments in the IP-Only network and via selective add-on acquisitions.

Company
Founded in 1999, IP-Only is a provider of high-capacity fibre-based data communication and data-centre services in Sweden. The company is headquartered in Uppsala.

People
EQT – Victor Englesson (director).
SEB – Joel Skagerberg (senior transaction manager).

Advisers
Debt – Roschier (legal).
Company – Hannes Snellman (legal).

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