(Alliance News) - FiberCop is renegotiating the EUR10.5 billion debt facility contracted two years ago for the acquisition of the network from Telecom Italia.
As reported by Il Messaggero on Thursday, the deadline expired two days ago for 23 international banks, including four Italian lenders, to approve an "amend and extend" operation to prolong two financing lines by two years.
Approximately 80% of the creditors have reportedly signed on, providing more breathing room for the company owned by KKR, the MEF, F2i, and pension funds, with estimated savings of around EUR75 million.
"FiberCop has initiated negotiations with banks three years ahead of the natural maturity to modify and extend the main bank loan," explained the company, which is also aiming for a reduction in the overall cost of debt thanks to an improved credit profile.
The plan involves postponing the term loan bullet lines (EUR5.5 billion remaining) and revolving lines (EUR2.1 billion) from June 30, 2029, to a maximum of June 30, 2031. The spread would remain fixed at 225 basis points for the entire remaining duration, eliminating the progressive increases stipulated in the original contract.
Among the most exposed banks are Sumitomo (EUR743 million), UniCredit (EUR732 million), Crédit Agricole CIB (EUR727 million), BNP Paribas (EUR451 million), Mediobanca (EUR450 million), and Société Générale (EUR429 million). Other Italian participants include BPM with EUR245 million and BPER with EUR300 million.
The operation is part of the process started in 2023 with KKR's offer for NetCo, valued at EUR18.8 billion plus an earn-out of up to EUR2.5 billion for TIM in the event of a merger between FiberCop and Open Fiber by 2026. At present, however, a single network appears distant, due in part to shareholder disagreements and the high debt levels of both companies.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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