Credit Linked Note on Fibre Infrastructure

The issuer is a technology holding group, founded in the mid-2000s, that owns and operates one of the largest fibre networks in the Middle East, with over 10,000 km of fibre, three data centres and more than 1,000 staff. 

Its next phase is a terrestrial fibre route of over 3,000 km across the country. The route links Europe, the Gulf and Asia, and offers an alternative to the congested subsea corridor that carries most of that traffic today.

The group needed long-dated US dollar funding to add capacity to its fibre route and meet the commitments that unlock the next phases of its signed capacity partnerships. It wanted to reach investors who hold assets through custodians, platforms and private banks, and a direct loan or paper subscription would not have fitted those systems.

Structada delivered the issuance from start to finish. We established a dedicated, bankruptcy-remote compartment for the transaction, drafted the legal documents, and appointed the paying agent, administrator, CLN manager and auditor. We then issued the senior secured Credit Linked Note, listed with a Swiss ISIN and priced on Bloomberg. Investors subscribe through their existing custodian, platform or private bank, and interest and capital flow back through the paying agent. Since closing, Structada has provided ongoing audit and compliance support, so the note continues to meet its reporting and governance requirements. The group kept its attention on building the network.