Telecoms firm CityFibre, which specialises in laying broadband lines around the UK, has secured £4.9bn in debt finance from a consortium of banks and investors, in one of the largest ever financings by a fibre company.

The company said these new facilities will fully finance its eight million home rollout as well as enabling upweighted participation in BDUK's 'Project Gigabit' rural programme.

The debt raise is underwritten by NatWest, Société Générale, Crédit Agricole CIB, BBVA, Intesa Sanpaolo, ING and SEB; with ABN AMRO, Lloyds Bank and the pensions and M&G Investments, the international asset manager, joining as core lenders.

On behalf of CityFibre, NatWest and Société Générale acted as financial advisors, Lloyds coordinated the UKIB's involvement, and Latham & Watkins acted as legal advisor.

Combined, these debt and equity funds will fully finance the completion of CityFibre's rollout to eight million homes, 800,000 businesses, 400,000 public sector sites and 250,000 5G access points.

They will also establish the UK's first large-scale, carrier-neutral Full Fibre infrastructure platform, providing Internet Service Providers (ISPs) and mobile operators with access to the nation's most advanced fixed-line network and unleashing over £38bn in economic benefits to help level up the UK1.

By extending its networks to rural areas surrounding the 285 cities, towns and villages identified in its existing rollout, CityFibre said is was placed to support the Government's rural coverage objective, ensuring that millions of rural homes can enjoy the same high-quality digital infrastructure as urban areas.

Greg Mesch, chief executive officer of CityFibre, said: "Over the last decade we've built a business that has transformed the UK's digital connectivity landscape for the better. With our rollout now fully financed, backed by so many esteemed financial institutions, we have emerged as a strong national challenger.

"But CityFibre's aim is not simply to challenge. It's to be better. It's to establish ourselves as the preferred network wherever we build, bringing higher-quality, more affordable infrastructure within reach of millions and unleashing the transformative economic potential of Full Fibre to help level up the UK. We have never been more confident that we will succeed."

John Flint, CEO of the UK Infrastructure Bank, said: "We are pleased to act as a cornerstone investor in what will be the largest digital debt transaction in the UK market to date, connecting a third of UK households with fast and reliable broadband throughout England and Scotland.

"It is clear how important good quality connectivity is for the UK economy, and in addressing regional inequalities."