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Freshfields advises ICG’s portfolio company TNG on its largest debt raise

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Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised fibre company TNG on a €325 million debt raise. The loan was the largest ever taken out by the company, which is driving forward the roll-out of fibre optics in Germany.

KfW and NordLB acted as bookrunners, other members were Hamburg Commercial Bank, Kommunalkredit, NIBC and ING. KfW in particular provides capital from the state programme for digital infrastructure in Germany. The term loans have a tenor of between five and seven years and are partly ESG-linked.

The investor Intermediate Capital Group (‘ICG’) had taken TNG to the next level in 2021 and plans to provide FTTH (Fibre to the Home) to more than 500.000 homes over the next years. Together, ICG and TNG are strongly pushing ahead with the fibre optic expansion from Schleswig-Holstein to Hesse.

The Freshfields team comprised Michael Josenhans (Lead), Marlin Jürgens, Aleksandar Djurdjevic and Theodoros Fostieris (all Finance, Frankfurt).



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