UPDATE 2-Enel close to 8 bln euro loan for Endesa stake-bankers

(Changes source, adds detail throughout)

By Zaida Espana and Tessa Walsh

LONDON, Jan 7 (Reuters) - Italian utility Enel SpA is in advanced talks with banks to secure a syndicated loan to finance the possible purchase of Acciona's (ANA.MC) 25 percent stake in Endesa (ELE.MC), two bankers close to the deal said.

The loan, which is expected to total 8 billion euros ($10.9 billion), is being led by BBVA (BBVA.MC), Santander (SAN.MC) and Mediobanca (MDBI.MI), which will be joined by a further six banks, a senior banker said on Wednesday.

"Three banks are leading the whole process, we have been working with the company for several weeks. No paper has been signed, it depends on the M&A process. Nine banks will sign together if there is a deal to be done," the senior banker said.

Enel (ENEI.MI) declined to comment.

The loan will finance Enel's expected purchase of Acciona's 25 percent stake in Endesa from March 2010 onwards at about 40 euros per Endesa share.

Enel will finance the 11 billion euro purchase price with a combination of cash and assets before it is obliged to pay the full amount in cash from 2010, bankers said.

"The value of the option that Acciona will sell Endesa is 11 billion euros plus interest and minus dividends," the senior banker said.

Enel will finance the purchase with the 8 billion euros loan, will transfer 3 billion euros-worth of Endesa's renewables assets to Acciona and Acciona will also receive dividends from Endesa, banking sources said.

Further developments are anticipated next week, they added.

The loan will be one of the biggest European loans to emerge in the first quarter as difficult conditions persist in the illiquid credit markets.

Market dislocation mean Enel will pay higher interest margins on the loan and the company is also likely to face pricing step-ups to encourage it to refinance quickly.

Syndication of the loan is expected to be eased by the transfer of risk from Acciona to Enel which will leave little new money to be raised, bankers said. (Additional reporting by Tracy Rucinski and Jonathan Gleave in Madrid and Marie-Louise Gumuchian in Milan; Editing by David Holmes) ($1=.7344 Euro)