Slaughter and May advised UK Infrastructure Bank on its £125 million term loan and £100 million debt guarantee to support Quickline Communication’s large-scale broadband expansion in Yorkshire and Lincolnshire

Slaughter and May advised UK Infrastructure Bank (UKIB) in relation to a £100 million debt guarantee (and associated arrangements) as part of a £250 million debt package consisting of: a £100 million term loan advanced by National Westminster Bank plc (NatWest) guaranteed by UKIB pursuant to the UK Sovereign Infrastructure Guarantee, a further £25 million term loan provided by NatWest and a £125 million term loan provided by UKIB. 

The debt package supports Quickline, a Yorkshire-based broadband provider, on its large-scale broadband expansion in Yorkshire and Lincolnshire.  Quickline, has secured four contracts under the UK government’s Project Gigabit programme, which, on completion, will connect almost 170,000 homes and businesses to full-fibre broadband in hard-to-reach rural areas across Yorkshire and Lincolnshire. As a result of the investment, Quickline will also expand their commercial network to a further 190,000 in these rural communities.  The financing unlocks additional private investment to support Quickline’s delivery of its Project Gigabit contracts, improving digital infrastructure in harder to reach areas of the UK, in line with UKIB’s digital strategy and overarching mission to drive regional and local economic growth.

Slaughter and May worked with UKIB’s internal legal and business teams on the debt guarantee elements and associated arrangements.