GD Towers raises €1B in debut public bond as tower sector diversifies funding
What's the deal? DFMG Holding GmbH, the entity behind European tower operator GD Towers, has issued its first public bond, raising €1 billion. The deal came in two €500 million tranches with maturities of 4.6 and seven years and coupons of 4.875% and 5.250%, priced on October 8, 2026 and settled on October 15.
Who's involved? GD Towers owns and operates passive mobile infrastructure — towers, masts, rooftop sites, and small cells — through Deutsche Funkturm in Germany and TOWERS Infra Austria in Austria. Since 2023, it has been jointly owned by Deutsche Telekom, DigitalBridgeDealroom has a profile for this one. Try Dealroom →, and Brookfield Asset ManagementDealroom has a profile for this one. Try Dealroom →. Clifford ChanceDealroom has a profile for this one. Try Dealroom → advised on the issuance.
What's the money for? The proceeds partly refinance GD Towers' existing term loan facility. The bonds, listed on the Luxembourg Stock Exchange's Euro MTF market, rank alongside the bank facilities and private placement notes under a common-terms financing platform set up in December 2025.
Why now? The bond is the next step in a €7.7 billion refinancing GD Towers launched in late 2025, which built a common financing platform and included a €2.5 billion private placement — reported at the time as a record European deal of its kind. The new issue extends that effort into public markets.
The signal: GD Towers is the first continental European tower company to issue a public bond under such a platform, opening a public-market funding route alongside bank loans and private placements. The move shows tower operators broadening their financing beyond traditional debt as the sector scales.
Read more: legaldesire.com
Image credit: Ervins Strauhmanis
