Global law firm DLA Piper has advised Yorkshire-based broadband provider Quickline, majority owned by funds managed by Northleaf Capital Partners, on a GBP250 million financing provided by UK Infrastructure Bank and NatWest. The financing comprises a GPB125 million term loan and GBP100 million debt guarantee, alongside a GBP25 million term loan provided by NatWest. The financing will support Quickline’s mission to connect 500,000 rural premises across Yorkshire and Lincolnshire.
The Yorkshire-based broadband provider has secured four contracts under the UK government’s Project Gigabit programme, which aims to achieve full gigabit coverage by 2030. On completion, the work will connect almost 170,000 homes and businesses to full-fibre broadband in hard-to-reach rural areas. As a result of the investment, Quickline will also expand their commercial network to a further 190,000 premises in these rural communities.
The DLA Piper team advising was co-led by finance partners Derwin Jenkinson and Matthew Christmas, and comprised partner Kos Vavelidis, legal directors Alexander Yeramian and Jonathan Paines, senior associate Noori Goffar, and associates Alex Stone and Devanshu Jain.
Derwin Jenkinson comments: “We are very pleased to have supported Quickline and Northleaf Capital Partners on this very significant financing for the business. The loans and guarantee package provided by the UK Infrastructure Bank and NatWest, alongside the equity investments and the project Gigabit contracts, will enable fibre roll-out that is critical for these communities. Congratulations to all the deal teams on this milestone financing and contract awards.”