TNG has signed an agreement to raise EUR325 million (US$337 million) with an international banking consortium to refinance the existing bank facilities and secure new capital for the Northern Hesse Broadband Network project in Germany.

TNG, which provides fiber-to-the-premises (FTTH) in underserved rural and semi-rural areas, plans to provide FTTH to more than 500k homes within the next four years. TNG has secured turnkey contractor capacities to deliver the most significant part of the project with the support of ICG Infra. The financing package received by TNG allows the company to raise an additional EUR150 million (US$155 million) of debt within the existing facilities agreement.

KfW and Nord LB act as mandated lead arrangers, the consortium also includes Hamburg Commercial Bank, Kommunalkredit, NIBC and ING.