Cordiant Digital Infrastructure Limited announced the refinancing of its Eurobond facility and repayment of the ?30 million vendor loan note agreed in connection with the purchase of Speed Fibre. The Company announces the signing of a new ?200 million Eurobond facility ("New Eurobond"), which will refinance the existing ?200 million Eurobond ("Original Eurobond") signed by the Company's indirect subsidiary Cordiant Digital Holdings Two Limited in June 2022. This refinancing provides greater certainty and flexibility for the group by extending the maturity of CORD's holding company-level term debt from September 2026 to July 2029, with a bullet repayment structure.

The Company is also to make full repayment of the circa ?30 million vendor loan note issued as part of the acquisition of Speed Fibre, which completed in October 2023. The repayment will be made from existing cash resources and will provide the Company greater flexibility as it takes forward its growth plans for Speed Fibre. As part of the refinancing, the Company has also arranged additional complementary undrawn credit facilities totalling ?175 million, split between a growth capex facility ("Capex Facility") of ?105 million and a multi-currency revolving credit facility ("RCF") of ?70 million.

These additional facilities have the same maturity date and repayment structure as the New Eurobond and provide the Company with an incremental long-term funding commitment for growth investments under CORD's Buy, Build & Grow model, and can enable more efficient management of the group's balance sheet. The new facilities ("New Facilities") were significantly oversubscribed and are being provided by a consortium of blue-chip institutions comprising investment banks DNB and Nomura, and funds managed/and or advised by Schroders Capital, UBS Asset Management, Infranity (formerly Generali Global Infrastructure), IFM Investors, and PATRIZIA. The New Facilities will be issued by Cordiant Digital Holdings UK Limited, the Company's wholly owned, direct subsidiary that is the holding company for the Company's portfolio companies in Europe.

The terms on the New Eurobond represent an improvement on the Original Eurobond, with a longer tenor and improved credit margin rachet, which will range from 3.75% to 4.75% over EURIBOR or the 5-year EURIBOR swap rate, depending on net leverage. Three quarters of the New Eurobond will be issued as a fixed rate instrument, with the remaining amount to be floating rate in nature. Both the Capex Facility and the RCF will be floating rate facilities.

The Company is putting in place interest rate hedging lines to manage its variable rate exposure and ensure that it is well positioned to take advantage of any further future reductions in long-term interest rates. Closing of the New Facilities remains subject to the satisfaction of a small number of administrative conditions precedent and is expected to occur shortly, The Company's net gearing ratio was 38.9% as at 31 March 2024. On a pro forma basis, if all the New Facilities are fully drawn, the Company's net gearing ratio would be 44%, below the 50% limit set out in the Company's IPO prospectus.

On the same pro forma basis, the weighted average margin across the whole portfolio would increase slightly to 3.3% from 2.9%. 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.