General guidelines
TMT Finance’s Loans League Tables cover loan financing transactions in the Digital Infrastructure
Sector. The subsectors included are listed below and are subject to review
Telecom

  • MNOs, MVNOs and Fixed Line
  • Satellite, LEOs, Ground Stations & Transports
  • Telecom Equipment & Technology Vendors
  • IoT & M2M Communications
  • Enterprise Telecoms & Carrier Services

Towers

  •  Macro Cell Towers
  •  Small Cell, DAS, Rooftops & In-Building
  •  Broadcast Towers
  • Ground Lease Aggregators
  • Towers Operations and Maintenance Services

Fibre

  • FTTx, Metro and Urban
  • Long Haul & Submarine Networks
  • Enterprise & Open-Access Fibre
  • Rural & Government-Supported Fibre
  • Fibre Network Services & Maintenance

Datacentres

  • Colocation
  • Hyperscale, AI and HPC
  • Edge, Distributed Infra & Carrier Hotels
  • Energy & Power Infrastructure
  • Datacentre Maintenance & Technical Services

Cloud

  • Cloud Infra, IaaS, Bare Metal & IT Infra Services
  • Hybrid & Multi-Cloud Solutions, SD-Networks
  • Cloud Security & Compliance, DRaaS
  • Edge & Distributed Cloud
  • Managed Services, UCaaS & VoIP

Following loan transactions are eligible for TMT Finance’s league tables:

  • Deals where the borrowing company or project is in the Digital Infrastructure sector.
  • Deals completed/signed within the time range of the specific league table.
  • Financing for the winning bidder, when its announced, in case of competing acquisition bids.
  • Deals will be credited based on the final deal amount
  • All syndicated/Clubbed loan transactions
  • Unitranches and other direct lending loans that are syndicated or clubbed
  • Bridge loans.
  • Incremental portion of refinancings of bridge loans
  • Amendments will count as a new deal if the amendment triggers a 100 percent lender vote

Following transactions are excluded from TMT Finance’s league tables:

  • Cancelled deals.
  • Deals that mature in less than 90 days
  • Amendments that do not require 100% lender vote
  • Vendor financing
  • Long term financing that replaces bridge loans (unless they are larger in size- In that case the incremental portion will receive credit)
  • Bilateral loans

Lender League Table Inclusion Criteria:

  • Full league table credit will be awarded to a single Bookrunner, or pro rata (equal) league table credit to each Bookrunner if there is more than one in a syndicate. Deals in which no Bookrunner title has been awarded will not be eligible for Bookrunner league table credit.
  • Full league table credit will be awarded to a single Mandated Arranger, or pro rata (equal) league table credit to each Mandated Arranger if there is more than one in a syndicate.

Legal Advisor League Table Inclusion Criteria:

  • Full league table credit will be awarded to a single Law firm, or pro rata (equal) league table credit to each Law firm if there is more than one advising on a deal.

League Table Calculation:

  • Ultimate parent companies of the lenders and legal advisors will be given credit for the deals where their subsidiary carried out or represented either party in the transaction.
  • Amount credited to bookrunners/arrangers/advisors in league tables is calculated by the size of individual loan tranche divided by number of bookrunners/agents/advisors. In cases of bank/advisor consolidation, credit is given to the surviving/parent firm
  • Non-US dollar denominated transactions will be converted to the US dollar equivalent on the deal signing date
  • Regional league tables will be based on Nationality of the deal determined by Company/Project Risk.

Proposed League Tables:
Following are the list of loan league tables TMT Finance is proposing to run for the North America region in 2025

    1. Bookrunner for Digital Infra Loan Financing, by Deal Value
    2. Bookrunner for Digital Infra Loan Financing, by No of Deals
    3. Bookrunner for Datacentres Loan Financing, by Deal Value
    4. Bookrunner for Datacentres Infra Loan Financing, by No of Deals
    5. Bookrunner for Fibre Loan Financing, by Deal Value
    6. Bookrunner for Fibre Infra Loan Financing, by No of Deals
    7. Arranger for Digital Infra Loan Financing, by Deal Value
    8. Arranger for Digital Infra Loan Financing, by No of Deals
    9. Arranger for Datacentres Loan Financing, by Deal Value
    10. Arranger for Datacentres Infra Loan Financing, by No of Deals
    11. Arranger for Fibre Loan Financing, by Deal Value
    12. Arranger for Fibre Infra Loan Financing, by No of Deals
    13. Legal Advisor for Digital Infra Loan Financing, by Deal Value
    14. Legal Advisor for Digital Infra Loan Financing, by No of Deals
    15. Legal Advisor for Datacentres Loan Financing, by Deal Value
    16. Legal Advisor for Datacentres Infra Loan Financing, by No of Deals
    17. Legal Advisor for Fibre Loan Financing, by Deal Value
    18. Legal Advisor for Fibre Infra Loan Financing, by No of Deals