Netomnia, which bills itself as ‘one of the fastest growing altnets in the UK’, has announced that, along with ISP sister company YouFibre, it has raised GBP230 million (USD280 million) in committed debt financing. In a press release regarding the development, Netomnia said it had successfully completed its latest fund-raising round for the aforementioned amount in committed debt financing from a group of six banks, comprised of HSBC UK, ING, NIBC, RBC, Standard Chartered, and UKIB. The financing package includes an accordion feature to be raised in the future to support the continued growth of the business.
According to Netomnia, the financial backing comes at what it called ‘a pivotal moment in [its] network deployment’. With the operator confirming its full fibre infrastructure now passes more than 410,000 premises, serving around 28,000 subscriptions, it has a stated aim of expanding its network footprint to encompass one million homes and business across the UK.
Commenting, Wil Wadsworth, CFO at Netomnia and YouFibre, said: ‘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. 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 fibre network and providing best-in-class Internet speeds and services to customers across the UK.’
