Open Fiber is one step away from the conclusion of negotiation with the banks on the refinancing of old debts to financial creditors: a sum that exceeds 7 billion euros and which is linked to project financing (around 5 billion were used) signed with a pool of 32 credit institutions. In the front row are the main Italian banking groups: Intesa Sanpaolo, Unicredit, Ing, Bnp Paribas, Credit Agricole, Santander and Banco Bpm. A knot to untie also in view of the wedding with NetCo – the area that encompasses Sparkle's landline asset, domestic wholesale business and international business – as banks will want to know where the project will go next Tim's OK to Kkr's offer.
Open Fiber: negotiations with banks towards conclusion
The wholesale company, as we know, began financial negotiations with the banks some time ago. The new CEO of Open Fiber – 60% controlled by Cassa Depositi e Prestiti and 40% owned by Macquarie – Joseph Gola, together with the advisor Lazar, took over the dossier left by the ex to Mario Rossetti. According to what was reported by Sun 24 Hours, the negotiations with the banks would now have reached the final stage. The credit institutions would in fact have identified the "single" industrial advisor to support discussions with OF. The choice would have fallen on the group of experts from Analysys Mason, a company specialized in the Tmt (Technology, Media & Telecomunnications) sector.
However, the company has additional needs of up to 2 billion
At this point all that remains is the appointment of a financial advisor who supports the pool of banks in negotiations with OF and the shareholders of the latter. What makes the turning point with the banks important are Open Fiber's new capital needs which, according to rumors, could arrive up to 2 billion euros more. According to the financial newspaper, the banks could respond to this greater request for capital with the request to directly involve shareholders with a capital increase and the injection of new resources.
The issue is delicate and intersects with the Government's openness to the requests of the company led by Gola. Last August, Rossetti (he left in September), in an interview with Sun 24 Hours, had declared that he had opened a table with Mimit for the economic and financial rebalancing of the white areas, those with market failure, where the company, despite having wired many homes, is in delay on the initially foreseen timescale. The reason is that, due to errors in the data underlying the tender, the cabling in the white areas required the creation of approximately 14 thousand kilometers of additional fiber which, together with the price increases, caused a massive wave of additional costs of 850 million.
Open Fiber's other requests: the advance on the Pnrr
At stake is also the request for 30% advance of the sums awarded from tenders Pnnr and a extension of the concession (from 20 to 30 years) on the network under construction, contracted by the Mise company, infratel, responsible for managing tenders for broadband and ultra-broadband in Italy. The spotlight is all on the board of directors of the public company scheduled for Friday 24 November. And precisely on that occasion Infratel will be called to decide on the requests for advances which for OF would amount to 540 million.
