Bird & Bird advises Hamburg Commercial Bank on fibre optics project finance deal backed by German bank KfW
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Germany
As co-head of the global Finance & Financial Regulation Practice Groups and head of the German Finance & Financial Regulation Practice Group, I advise on national and international finance and capital markets law as well as on commercial and corporate law. I am also a member of the international steering group of our Financial Services Sector Group.
Bird & Bird LLP advised Hamburg Commercial Bank on another fibre optic network project financing deal, including the issue of a EUR 50 million loan to telecoms provider GöTel GmbH.
The Bird & Bird team advised on the contract design, the regulatory requirements and the utilization of the new KfW-programme “Digital Infrastructure” (No. 239). This programme, initiated by the German Federal Ministry of Transport and Digital Infrastructure, offers low-interest and long-term investment loans for the development of fibre optic networks if specific requirements can be met. Hamburg Commercial Bank is one of the first banks in Germany to make use of this new KfW-programme “Digital infrastructure” (Nr. 239) for its clients.
Germany’s rural counties (called Landkreise in German) are largely undersupplied with digital infrastructure. This project financing allows several Landkreise in the German States of Hesse and Lower Saxony to connect to high-speed fibre optic networks. GöTel already provides its services to more than 13,000 households and has provided to at least 10,000 this year.
Hamburg Commercial Bank was advised by the following Bird & Bird lawyers: Partner Dr. Michael Jünemann (Finance & Financial Regulation, Lead) , partner Dr. Hans-Peter Leube, LL.M. (Corporate/M&A), counsel Johannes Wirtz, LL.M. and associate Timo Förster (both Finance & Financial Regulation), all located in Frankfurt.