Managed ISP ASK4, which is headquartered in the UK and delivers gigabit-capable broadband to students and residents (renters) in multi-tenant buildings across the UK (as well as parts of Europe), has announced the completion of a £170 million refinancing project with new capital expenditure facility to help “accelerate growth“.

The transaction, which is said to be backed by a syndicate of leading lenders who recognise that in-building connectivity is “critical digital infrastructure”, covers existing debt facilities on improved terms and provides a new capital expenditure facility to support continued expansion across the UK and Europe.

The deal reduces ASK4’s interest costs and strengthens free cash flow, while the new capex facility will also be used to continue improving services for the residents and building operators ASK4 serves, as well as on expansion.

Andrew Dutton, CEO of ASK4, said:

“This refinancing is a significant step for ASK4. Securing infrastructure-grade financing of this scale, and on these terms, is a strong endorsement of our strategy and the quality of what we’ve built. The strong demand from lenders, resulting in an oversubscribed facility, is a clear signal of real confidence in our business and our plans.

It gives us a stronger balance sheet, a lower cost of capital, and through the new capex facility the investment capacity to keep forging ahead, investing in our services, and delivering the connected experiences our customers depend on. I’d like to thank our lenders, both new and existing, and our advisers for their support in reaching this milestone.”

Evercore acted as financial adviser to ASK4, with Clifford Chance serving as legal counsel. PwC provided financial and commercial due diligence. Latham & Watkins acted as legal counsel to the lending syndicate.