Fibrus secures £100 million funding to expand fibre broadband network

Fibrus, a fibre broadband provider, has announced the raising of a further £100 million in senior debt. The additional funding will enable the company to deliver high-speed broadband to half a million homes in Northern Ireland and Cumbria over the next two years.

The new financing is an extension of Fibrus’ existing £200 million senior credit facility and £20 million revolving credit facility. The company’s lenders – UK Infrastructure Bank (UKIB), ING, LBBW, ABN Amro, NatWest and Sabadell – have all supported this extension, with three of these institutions contributing to the new £100 million accordion facility.

In total, Fibrus now has £845 million in funding, comprising £320 million in committed debt, around £200 million in current and committed equity and £325 million in government funding. This funding is earmarked for the delivery of fibre broadband to underserved rural and regional areas, particularly those that are notoriously difficult to reach.

Fibrus has already made significant progress in Northern Ireland and has almost completed its construction programme. The company currently provides broadband services to 315,000 homes – 245,000 of which were connected through its commercially funded construction programme and a further 70,000 through the government-funded Stratum project.

In Cumbria, Fibrus has connected over 60,000 homes to its high-speed network and plans to extend this to almost 170,000 homes over the next two years. The recent debt raise will fully fund these expansions and ensure that even the most remote communities in Cumbria will have access to reliable and fast internet.

Dominic Kearns, CEO of Fibrus, commented: “We are delighted to have secured this additional tranche of debt financing with the support of our existing lenders. To receive this £100 million commitment in what is currently a very challenging market is particularly gratifying and a great vote of confidence in our company.”

Colin Hutchinson, CFO of Fibrus and leading the fundraising campaign, said: “This £100 million funding will enable Fibrus to continue its mission to transform the lives of customers who have previously been left behind. The support of our existing lenders, including UKIB, which is contributing £55 million, shows the strength of our plans to bring a faster, more reliable and more affordable broadband service to the hardest-to-reach parts of Northern Ireland and Cumbria.”