Open Fiber reached a agreement with the banks for a financing di over 3 billion. This agreement, which includes the recovery of old financing and the obtaining of new resources, is essential to give life to the company's new industrial plan. Furthermore, it is strategic for preserving the value of its heritage, a fundamental element in view of the possible negotiations with KKR for a merger with Netco, now that the US fund has obtained the EU green light to the purchase of the Telecom network.
Open Fiber-banks agreement: how does it work?
The agreement is divided into two phases distinctive. In the first phase, we will proceed to recovery of old financing lines frozen, for a total of 870 million euros. This figure will be supported by a tranche of capital increase, previously approved by the assembly but never paid by the shareholders, for approximately 350 million. At this stage, the subdivision of the funds is very close to the previous scheme, with 70% coming from the banks and the remaining 30% paid by the CDP and Macquarie shareholders. The immediate unlocking of these resources is crucial to guarantee the necessary liquidity for Open Fiber.
La second This equally significant phase has been the subject of intense negotiations in recent months. It's about obtaining new resources for a total of approximately 2 billion euros. Financial institutions are expected to contribute with new financing that will cover approximately 55% of this figure, equal to approximately 1,1 billion euros. On the other hand, the shareholders will undertake to pay approximately 900 million euros as a new capital increase. The equity split will naturally reflect the current corporate structure, with 60% in the hands of CDP (equivalent to approximately 540 million euros) and 40% a Macquarie (around 360 million euros). The implementation of this phase is expected by July.
