White & Case Advises MEAG on Structured Portfolio Financing of French Digital Infrastructure Projects

Global law firm White & Case LLP has advised MEAG, the central asset manager of insurers Munich Re and ERGO, on the approximately €290 million structured portfolio financing of Axione Infrastructures’ digital infrastructure projects through senior secured project bonds and commercial bank loans.

Axione Infrastructures, a joint venture company and leading player in France’s very high speed broadband strategy, owns 14 subsidiaries that are each responsible for the roll out, construction, operation and maintenance of high speed broadband networks under the Public Initiative Networks (PIN) framework in rural areas in various French departments on the basis of long term concession agreements with French local authorities.

The financing, which consists of senior secured privately placed notes and commercial loans, was provided to refinance existing project bonds and finance the development, construction and operation of new superfast, next generation fibre optic projects based on Fibre-to-the-Home (FTHH) technology. The issuance of the senior secured notes is accompanied by senior revolving commercial bank loans and subordinated equity contributions by way of mezzanine bonds and shareholder loans.

The White & Case team in Hamburg which advised on the transaction was led by partner Florian Degenhardt and included local partner Matthias Grigoleit and associate Max Sergelius.

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