Full-fiber broadband provider, Fibrus, has announced it has secured an additional GBP 100 million in senior debt, ensuring full funding for its rural expansion plan.
This investment will enable the company to deliver broadband to 500,000 homes in Northern Ireland and Cumbria within the next two years.
This funding increases its existing GBP 200 million senior debt facility and GBP 20 million revolving credit facility. The enhancement was backed by its current lenders, including UKIB, ING, LBBW, ABN Amro, NatWest, and Sabadell, with three of these institutions contributing to the new GBP 100 million accordion facility.
The GBP 320 million in committed debt, combined with approximately GBP 200 million in current and committed equity and GBP 325 million in government funding, brings Fibrus’ total funding to GBP 845 million. This capital will be used to extend fiber broadband to underserved rural and regional areas, including some of the most challenging locations in the country.
Latest Broadband News: Connecting the Community: County Broadband Completes Sudbury Fiber
Expansion Update
Fibrus has finished its build program in Northern Ireland and currently serves 315,000 homes: 245,000 through its commercially funded initiative and an additional 70,000 via the Government-funded project, Stratum, which was completed on schedule and within budget.
In Cumbria, Fibrus has already connected over 60,000 homes, with plans to expand this number to nearly 170,000 within the next two years. This expansion is now fully financed by the recent debt raise.
Dominic Kearns, Founder and CEO, Fibrus, expressed great satisfaction at securing the additional GBP 100 million in debt funding with the backing of existing lenders. He noted that obtaining this commitment in the current challenging market represents a significant vote of confidence in the company. He added that the company is now fully funded for all its existing programs and anticipates reaching 500,000 properties with high-quality broadband within the next two years.
Colin Hutchinson, CFO of Fibrus, and the pioneer of the fundraise, said, “This GBP 100 million funding will enable Fibrus to continue in its mission to transform the lives of customers who had previously been left behind. The support from our existing lenders, including UKIB who are contributing GBP 55 million, demonstrates the strength of our plans to bring a faster, more reliable, and affordable broadband service to the hardest-to-reach parts of Northern Ireland and now Cumbria. The need for Fibrus is clear in the level of penetration we are achieving, particularly in Cumbria where penetration regularly exceeds 30% within a few months of launch.”
“The Fibrus roll out in Northern Ireland has made a significant contribution to the digital connectivity landscape, with the region now enjoying the highest rate of connectivity of all the UK regions—sitting at 91% coverage against a UK average of 56%,” concluded Hutchinson.
Read More:
UK Government Urges Broadband Providers to Minimize Telegraph Poles
UK Government and Openreach to Modernize Rural Broadband Infrastructure
