Crédit Agricole CIB close EUR 1.6 billion fiber deal in France for Vauban Infrastructure Partners and Bouygues Telecom

Crédit Agricole CIB acted as Vauban Infrastructure Partners’ (through its digital investment platform Vauban Infra Fibre or "Vauban") advisor in the creation of SDFAST (Société de Développement de la Fibre Au Service des Territoires) - a newly created joint-venture between Vauban (51%) and Bouygues Telecom (49%) - and successfully closed the syndication of a fully underwritten €1.6 billion financing in June 2022.  
  

The project aims at accelerating the roll out of fibre to the home (“FttH”) across rural and medium-dense regions in France.  SDFAST will “co-invest” by acquiring long-term access rights (“IRU”) from various Infrastructure Operators (in charge of physical roll-out in these areas), and rent them to retail operators, of which Bouygues Telecom as anchor tenant.

The financing arranged by Crédit Agricole CIB includes €1.3 billion 20-year capex facilities and is the first fiber deal combining such long maturity and large volume. €600 million has been privately placed to international infrastructure debt investors with the remaining syndicated to commercial banks. 

Crédit Agricole CIB acted as sole underwriter, sole bookrunner, private placement agent, M&A advisor to Vauban, contingent swap provider and hedge coordinator, social loan coordinator, and facility agent thanks to Crédit Agricole CIB strong expertise in the telecom sector and in depth knowledge of the infrastructure bank and institutional loan market. This transaction demonstrates Credit Agricole CIB’s continued leadership in TMT sector in Europe.

This billion-euro project is a key milestone for Vauban Infrastructure Partners making Vauban Infra Fibre, its digital investment platform, the first independent broadband platform to offer broadband access throughout France through its various subsidiaries and is strategic for Bouygues Telecom having now fully secured its FTTH access across all French territories.