DC Advisory advises lyntia Networks on its €1.4bn refinancing

lyntia has successfully completed a landmark €1.4 billion refinancing, establishing a robust long-term financial framework that strengthens its ability to execute its strategic growth plan across Iberia and beyond.

The transaction extends the company’s debt maturity profile to a range of 7 to 12 years, significantly enhancing financial visibility and flexibility. It also includes a new capex facility designed to support future investments aligned with lyntia’s strategic priorities.

This refinancing brings together a diversified group of top-tier lending banks and private placement investors, demonstrating lyntia’s strong access to debt markets through multiple liquidity sources and reinforcing confidence in its business model, platform maturity, and long-term outlook. In this regard, the transaction also broadens the company’s access to capital markets and diversifies maturities.

The new capital structure strengthens lyntia’s ability to capture structural demand driven by the rapid expansion of cloud computing and artificial intelligence, particularly in high-capacity connectivity, data centre interconnection, and international traffic flows.

These evolving traffic patterns are progressively positioning Iberia as a strategic hub for international connectivity, increasing the relevance of routes linking the Peninsula with major European and global networks. In this context, lyntia is actively contributing to the development of this interconnectivity, enabling the infrastructure required to support these growing data flows.

In addition, the transaction lays the groundwork for integrating sustainability-related elements into lyntia’s financing framework, reinforcing the company’s commitment to responsible growth and long-term value creation, including the incorporation of sustainability-linked features into its capital structure.

lyntia CFO Víctor Pons commented:
“We are extremely grateful for the strong support received from both our financiers and our shareholders, including BNP Paribas Asset Management Alts, Swiss Life Asset Managers and Morrison, throughout this process. This refinancing provides us with a solid foundation and the flexibility needed to continue advancing our strategic objectives and long-term development.”

With this transaction, lyntia consolidates its position as the leading neutral wholesale fibre operator in Iberia, with a capital structure aligned with its long-term growth ambitions and its role as an enabler of next-generation digital infrastructure.

The company was advised financially by DC Advisory and legally by Milbank, while Latham & Watkins acted as legal advisor to the lenders. DC Advisory led a comprehensive financing process, including overall process management, financial modelling, due diligence support, rating advisory, and assistance in documentation and hedging negotiations.

As part of the transaction, a long-term financing platform was structured with an additional revolving capex facility, aimed at continuing to invest in network expansion and strengthening lyntia’s ability to capture structural demand driven by cloud computing, artificial intelligence, data centre interconnection, and international traffic.

lyntia is a neutral wholesale telecommunications infrastructure operator in the Iberian Peninsula, with a fibre network of approximately 57,000 km, presence in over 3,000 municipalities, and connectivity to more than 100 data centres across Spain and Portugal, as well as international links to major European hubs.

The company is backed by an infrastructure investment consortium comprising BNP Paribas Asset Management Alts, Swiss Life Asset Managers and Morrison, all of which have extensive experience in the digital infrastructure sector. DC Advisory previously advised the consortium on the financing for the acquisition of lyntia in 2023.

This transaction further reinforces DC Advisory’s expertise in the fibre and telecommunications sector, strengthening its track record in complex refinancing transactions within infrastructure.