UK altnet Netomnia and sister ISP YouFibre say they have raised £230 million ($281.8 million) in committed debt financing from a group of six bank lenders. The banker group includes HSBC UK, ING, NIBC, RBC, Standard Chartered, and UKIB. The financing package includes an “accordion” for future funding to support further business growth.
This is at least the third round of funding Netomnia and YouFibre have received since their founding in 2019. The companies announced the receipt of £123 million ($150.7 million) in November 2021 and £295 million ($361.5 million) in April 2022 (see “Altnet Netomnia, service provider YouFibre score funding for UK full fiber deployment” and “UK altnet Netomnia, YouFibre add £295 million in funding led by DigitalBridge”). Netomnia says it is the UK”s fourth-largest altnet; its fiber to the premises (FTTP) infrastructure passes 410,000 premises ready for service, with 28,000 customers connected. The company has targeted 1 million homes passed, a figure that in 2021 it said it hoped to reach this year.
“We are very pleased to welcome this new group of lenders to Netomnia and are thrilled they have chosen to support the continued acceleration of our business,” commented Wil Wadsworth, CFO at Netomnia and YouFibre. “The enthusiasm from these institutions to support our business is a testament to our successes at Netomnia and YouFibre, and our unique approach to building our full fiber network and providing best-in-class internet speeds and services to customers across the UK.
“Everyone in the UK is impacted by the rising cost of living, and interest rates are hitting businesses and families alike. Now more than ever it’s vital that we continue to build our network at pace to provide better and more affordable broadband to as many homes and businesses as we can,” Wadsworth concluded.
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Stephen Hardy | Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
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