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Italy's Iride gets 100 mln eur loan from CDP

Fri Jun 12, 2009 8:39am EDT

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MILAN, June 12 (Reuters) - Italian regional utility Iride SpA (IRD.MI) has secured a 100 million euros ($140.7 million) loan from the Italian government's investment arm Cassa Depositi e Prestiti (CDP) to fund investments in the energy and water sector, the company said on Friday.

The 5-year loan, repayment of which will begin in 2012, will carry an interest rate linked to the Euribor rate plus a spread competitive with current improved market conditions, Iride said in a statement.

The loan follows 15-year credit facilities totaling 200 million euros that the European Investment Bank granted to Iride in late 2008, Iride said.

Iride, based in the north west of Italy, is slated to merge with smaller north Italy peer Enia (EN.MI) later this year to create one of Italy's largest regional multiutilities. ($1=.7108 Euro) (Reporting by Stephen Jewkes; Editing by Hans Peters)



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