Ashurst advised a consortium of banks comprising Kommunalkredit, NIBC and funds of UBS Asset Management Real Estate and Private Markets as lenders on a €73m financing to fibre network operator TNG. The funding will be used for the fibre network roll-out in previously underserved rural areas in northern and western Germany. The financing has a term of five years.
Founded in 1997, TNG group is a leading fibre-optic network operator in northern Germany. TNG is a portfolio company of Intermediate Capital Group, which acquired a majority stake in TNG at the end of 2020. The global asset manager currently manages assets of more than €47bn.
The Ashurst team was led by counsel Sabrina Bremer and partner Derk Opitz. They were assisted by associate Patrick Rauch, transaction manager Carina Gläßl and transaction lawyer Jeanine Boch-Kraul (all Global Loans, Frankfurt).
Ashurst’s German banking and finance practice advises both banks and alternative lenders, private equity firms and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lending. The team has a particular focus on fibre optic networks.
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