LONDON & AMSTERDAM – 27 May 2020 – ING, along with Deutsche Bank and SEB, have successfully closed syndication of a SEK 8.8bn senior debt financing for IP-Only Group AB, the leading alternative provider of fiber-based data communication services to consumers, enterprises and the public sector in Sweden. 

This follows EQT’s acquisition last year of IP-Only for its EQT Infrastructure IV fund, purchasing the company from its EQT Mid-Market and EQT Mid-Market Europe funds. The transaction was initially financed as an all-equity deal, but has now been partially refinanced by senior debt, which was provided by Deutsche Bank, ING, NIBC, Nordea, Santander and SEB. EQT is a leading global infrastructure investor with €40bn of assets under management. 


ING led on the successful syndication with joint Underwriters, Bookrunners and MLAs Deutsche Bank and SEB. The total committed senior secured debt package amounted to SEK 8.8bn, comprising of a SEK 6bn senior term loan to part finance the acquisition and related costs, a SEK 2.5bn capex facility to part finance expansionary capex and permitted acquisitions, and a SEK 300m multi-currency revolving credit facility. 

Commenting on the deal, Jeroen Kleinjan, Global Lead Telecom at ING, said:

“We are delighted to have played a leading role in making this exciting infrastructure transaction happen, working closely with EQT, IP Only, the joint arrangers and MLAs. The transaction and the level of financing involved is testament to the reputation both of EQT and the management team in delivering and developing strong fiber and infrastructure assets in the Nordics region and globally.”  

Founded in 1999, IP-Only today owns and operates a circa 16,000 km fiber-based network infrastructure, covering 230 out of 290 Swedish municipalities.