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A&O Shearman Advises on EUR165 million refinancing of Covage Infra Concessions

A&O Shearman Advises on EUR165 million refinancing of Covage Infra Concessions
Published Date
Oct 5, 2026
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Image of Driss Bererhi
Driss BererhiPartner, Paris
Image of Wendy Au
Wendy AuSenior Associate, Paris
Jinho LesageJuriste, Paris
Image of Romaric Lazerges
Romaric LazergesPartner, Paris
Image of Pauline Choplin
Pauline ChoplinSenior Associate, Paris
Image of Nadege Debeney
Nadege DebeneyCounsel, Paris
image of Aziz Ben Hamida
Aziz Ben HamidaAssociate , Paris
Image of Mathieu Vignon
Mathieu VignonPartner, Paris
Image of Virginie Chatté
Virginie ChattéSenior Associate, Paris
A&O Shearman advised the arrangers, original lenders and hedging banks on the EUR165m refinancing of Covage Infra Concessions, the B2B fiber-optic concessions business of the Altitude Group. 

The transaction includes EUR130m of refinancing facilities, a EUR30m capex facility, and a EUR5m revolving credit facility. 

The financing will refinance Covage Infra Concessions' existing financial indebtedness. It will also support the modernization and upgrade of Covage's fiber-optic infrastructure, while backing the continued growth of its network and strengthening its position as a leading infrastructure provider to the French fiber-optic sector. 

"Our experience with complex financing structures, particularly in the digital infrastructure sector, enabled us to deliver a solution that meets the client's objectives and gives the business the means to pursue its long-term growth."

The A&O Shearman team was led by partner Driss Bererhi, senior associate Wendy Au, and associate Jinho Lesage on the financing aspects. Partner Romaric Lazerges and senior associate Pauline Choplin advised on public law aspects, counsel Nadège Debeney and associate Aziz Ben Hamida on the interest rate hedging aspects. Partner Mathieu Vignon and senior associate Virginie Chatté advised on tax matters.

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