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3 February 20231 minute read

DLA Piper advises NORD/LB on the €156,000,000 financing of covage infra to accelerate its development plan to connect 100% of businesses to fiber

DLA Piper has advised NORD/LB on a EUR156,000,000 financing facility for Covage Infra to accelerate Covage's development plan to connect 100% of its businesses to fiber.

NORD/LB, a German bank that is already a partner in the financing of FTTH infrastructure for the Altitude Group, has provided a medium-term loan and a liquidity line for a total amount of EUR156,000,000. NORD/LB acted as an underwriter by committing the entire financing.

Covage is part of the Altitude Group. More than 200 operators rely on its neutral and open networks to provide very high speed and value-added connectivity services to businesses and public sites. To date, the Covage network covers 40% of French businesses with dedicated fiber (FTTO) and 50% with shared fiber (FTTH Pro). With a multi-year investment plan of EUR150 million for the development of new areas, Covage will cover 60% of French businesses with fiber by 2023 and eventually 100%.

The DLA Piper team consisted of Eric Villateau, partner, Aurélie Bossert, counsel, Pauline Reinhard and Youssif Abdelrahman, associates on the financing aspects. Jérôme Pentecoste, partner, and Théo Armbruster, associate, on the public law aspects.