the NBN won't be floated for years, by then Infraco will be a...

the NBN won't be floated for years, by then Infraco will be a separate company, with its own management and board, I doubt Penn will be involved, Infraco wont buy the NBN in total, it will buy a strategic stake in it, it will be able to borrow at very low rates like all infrastructure companies, my guess is that it will be a very valuable listed company, with strong cash flow.
On a side issue, I hope you stay on this forum, I always read your posts and you add value to the discussion, if you are looking eventually into buying TLS again, you will face the dilemma that I always do when I sell a stock, when to buy back in? Do you wait for a profit downgrade and the price drops to all time lows, or do you wait for it to go back above 4 on upgrades to 5g and infra news? Or perhaps your intention is to never buy TLS again, all of the above have merits