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Ultra-fast broadband development: A&O Shearman on the refinancing of Losange

Ultra fast broadband development AO Shearman on the refinancing of Losange
Published Date
Jun 23 2025

A&O Shearman has advised the financial parties on the structured refinancing of Losange, a company responsible for the design, financing, construction, operation, maintenance, and commercialization of the fiber optic network across seven departments of the France’s Grand Est region. The refinancing totals EUR735 million and combines both bank and bond financing tranches.

On May 27, 2025, Losange — jointly owned by Altitude Infrastructure THD, NGE Fibre, and Caisse des Dépôts et Consignations - Banque des Territoires — successfully refinanced its initial debt contracted in 2017.

The financial institutions involved in the transaction include Allianz Global Investors and AXA Investment Managers, Société Générale, Arkéa Banque Entreprises et Institutionnels & Crédit Mutuel Arkéa, the BPCE Group (BRED Banque Populaire, Caisse d’Epargne Ile-de-France, Caisse d’Epargne Normandie, Caisse d’Epargne Grand Est Europe, and Natixis), the Crédit Agricole Group (AUXIFIP, Crédit Agricole Alsace-Vosges, Crédit Agricole de Lorraine, and LCL), La Banque Postale, and Nord/LB, acting as arrangers, lenders, and hedging counterparties.

The A&O Shearman team was led by partners Driss Bererhi and Tzvétomira Pacheva, with senior associate Aïda Lamrani Karim, associate Anas Benmalek, and Alassane Diedhiou, Kirill Petrovich and Sanna Driouach on financing aspects.

The team also included partner Romaric Lazerges and associate Vianney Leroux on public law and project contracts, counsel Nadège Debeney on hedging aspects, and partner Mathieu Vignon and senior associate Charlotte Signol on tax aspects.

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