Open Fiber S.p.A.’s €7 Billion Financing

White & Case advised Open Fiber S.p.A. on its €7 billion financing. Gianni & Origoni advised the banks, Legance advised CDP Equity, Clifford Chance advised Macquarie Asset Management on the matter.

It is the largest project financing operation ever carried out on infrastructure networks in the EMEA region, includes a tranche dedicated to institutional investors, and will support Open Fiber’s development of an ultra-broadband network in Italy and the refinancing of the company’s current financial indebtedness.

The new facility replaces the previous €4.145 billion project financing entered into in 2018 and increased in 2020. The pool of banks included Banco BPM, BNP Paribas, Crédit Agricole, ING, Intesa Sanpaolo, Santander, Société Générale and Unicredit.

Grimaldi studio legale ha assistito Enel con un team multidisciplinare guidato dal managing partner Francesco Sciaudone e dal corporate partner Giancarlo Luglini, con il supporto del partner Daniela Fioretti per gli aspetti regolatori e antitrust, dell’of counsel Bernardo Mattarella per gli aspetti Golden Power e del senior associate Angelo Speranza per i profili banking.

Clifford Chance advised Macquarie Asset Management with a team led by partner Umberto Penco Salvi, with associates Michele Bernardi and Sara Chenchene and trainee Sara Bettoni. The team comprised partner Luciano Di Via, associate Laura Tresoldi, partner Giuseppe De Palma, senior associate Chiara Commis, associate Minerva Vanni, trainee Teresa Giaccardi, partner Carlo Galli, senior associate Andrea Sgrilli, and counsel Andrea Tuninetti.

Legance advised CDP Equity with a team led by senior partner Filippo Troisi and partner Federica Pomero, supported by senior counsel Marco Sagliocca, managing associates Filippo Innocenti and Giuseppe Battaglia and associate Davide Di Franco, partner Vito Auricchio, senior counsel Valerio Mosca, and senior associate Nicoletta De Mucci.

Gianni & Origoni’s team was led by partner Ottaviano Sanseverino and counsel Arrigo Arrigoni, and included associate Martina Morandi, senior associates Caterina Testa, Davide Alemanni, Luisa Michilli, associates Giulio Mandelli, Andrea Core, Filippo Sicchiero, Matteo Tulli. The team also included partner Luciano Bonito Oliva, supported by senior associate Carmen Adele Pisani.

The White & Case team that advised on the transaction consisted of partners Iacopo Canino (Milan), Michael Immordino (London & Milan) and Ferigo Foscari (Milan) and associates Stefano Bellani and Nicola Tosin (both Milan).

Involved fees earner: Davide Alemanni – Gianni & Origoni; Arrigo Arrigoni – Gianni & Origoni; Luciano Bonito Oliva – Gianni & Origoni; Andrea Core – Gianni & Origoni; Giulio Mandelli – Gianni & Origoni; Luisa Michilli – Gianni & Origoni; Martina Morandi – Gianni & Origoni; Carmen Pisani – Gianni & Origoni; Ottaviano Sanseverino – Gianni & Origoni; Filippo Sicchiero – Gianni & Origoni; Caterina Testa – Gianni & Origoni; Matteo Tulli – Gianni & Origoni; Stefano Bellani – White & Case; Iacopo Canino – White & Case; Ferigo Foscari – White & Case; Michael Immordino – White & Case; Nicola Tosin – White & Case;

Law Firms: Gianni & Origoni; White & Case;

Clients: Banca Europea per gli Investimenti (BEI); Banco BPM S.p.A.; BNP Paribas; Cassa Depositi e Prestiti (CDP); ING Bank; Intesa Sanpaolo S.p.A.; Open Fiber S.p.A.; Santander; Société Générale; Unicredit S.p.A.;

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Author: Michael Patrini