Cordiant Digital Infrastructure Limited has announced the successful refinancing of its Eurobond facility and the repayment of a €30 million vendor loan note related to the acquisition of Speed Fibre. The new €200 million Eurobond facility extends the maturity of the company's holding company-level term debt from September 2026 to July 2029, providing greater flexibility and certainty. Additionally, the company has arranged complementary undrawn credit facilities totaling €175 million, split between a growth capex facility and a multi-currency revolving credit facility, to support its growth plans.
The new facilities were significantly oversubscribed and are being provided by a consortium of blue-chip institutions. The terms on the New Eurobond represent an improvement on the Original Eurobond, with a longer tenor and improved credit margin ratchet. The Company's net gearing ratio was 38.9% as of March 31, 2024, and on a pro forma basis, it would be 44% if all the New Facilities are fully drawn, below the 50% limit set out in the Company's IPO prospectus. The Company's total available liquidity disclosed as at 31 March 2024, pro forma for this refinancing, would have increased to £291 million from £168 million.
Shonaid Jemmett-Page, Chairman of the Company, expressed satisfaction with the steps taken to manage the Company's debt positions and extend the duration of its financing arrangements, while retaining flexibility to continue the growth and diversification of the portfolio. Steven Marshall, Chairman of Cordiant Digital Infrastructure, highlighted that the transaction positions the Company well considering geopolitical and economic uncertainties and provides significant runway to underpin the continuing growth of CORD.
For further information, please visit www.cordiantdigitaltrust.com or contact Cordiant Capital Inc., the Investment Manager.