Led by Hamburg partner Carla Luh on the finance side and Frankfurt partner Alexander Stefan Rieger on the due diligence side, global law firm Hogan Lovells has advised a consortium of banks on the signing of a large debt financing package for Intermediate Capital Group controlled German fibre company TNG Glasfaser GmbH.
German lenders KfW and NordLB acted as mandated lead arrangers on the EUR 325m debt raise, which also includes an additional EUR 150m accordion facility to be drawn at a later stage. Other banks that took part in TNG’s debt financing comprise Hamburg Commercial Bank, Kommunalkredit, NIBC and ING. The debt package consists of a EUR 25m revolving credit facility, a EUR 132m capex facility, a EUR 68m term loan to refinance existing facilities, and another EUR 100m KfW capex facility, part of Germany’s state-sponsored scheme for digital infrastructure. The term loans have a tenor of between five and seven years.
Hogan Lovells conducted the due diligence and advised the lending banks on all legal issues.
Hogan Lovells Team for lenders
Dr Carla Luh (Partner), Marco Weibrecht (Senior Associate), Amy Wienke, Tobias Ulbrich (Associates) (all Finance, Hamburg/ Frankfurt);
Dr Alexander Stefan Rieger (Partner), Johannes Groß (Senior Associate), Pascal Wagenführ, Julian Schmidt, Dr Joscha Müller, Camilla Fröhlich, Kristina Laewen (Associates) (all Due Diligence, Frankfurt).
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