MILAN/LONDON, June 21 (Reuters) - Open Fiber, the Italian broadband infrastructure firm owned by utility Enel and state lender CDP, is set to get a 500 million euro ($557 million) bridge loan to help fund the fast internet network it is rolling out in Italy, three sources said on Wednesday.
The loan, which was expected to be approved in coming weeks, would be underwritten by UniCredit, Societe Generale (SocGen) and BNP Paribas, two of the sources said.
The company would then seek to put together a project finance package with banks worth about 3.5 billion euros, one of Europe’s biggest in recent years, the sources added.
One of the sources said the aim was to get the project financing off the ground before the end of the year, but a second source said more time would be needed.
Enel and CDP declined to comment.
Open Fiber has previously said it would invest 6.5 billion euros to get superfast Internet into around 19 million Italian homes and companies by 2022.
$1 = 0.8973 euros Reporting by Stephen Jewkes and Stefano Berra from PFI in London; Editing by Edmund Blair