Italy’s Open Fiber Investors Agree on €3 Billion Financing Deal

Bloomberg12-21 03:32

(Bloomberg) -- Open Fiber SpA’s shareholders and banks agreed to secure about €3 billion ($3.1 billion) of financing, including €2 billion of new debt and equity in a move aimed at shoring up ...

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In June, Open Fiber agreed on the main financing plan but lacked final approval. Banks including UniCredit SpA and BNP Paribas SA will provide loans for €1.05 billion while an additional €900 million of fresh funds would come from unlocking existing credit lines, the Open Fiber representative said.Open Fiber has been seeking new money as it faces higher-than-expected costs to build out its network in rural areas.The move may allow Open Fiber to renew discussions on Italy’s long-delayed plan to build a so-called single network through a merger with Telecom Italia SpA’s former assets, Bloomberg News reported this year. The former phone monopoly in July completed the sale of its grid to KKR & Co. in a €22 billion deal to help it slash debt. The goal of the single network plan would be to avoid billions of euros in duplicate investments in Italy. 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