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Enel SpA Signs Five-Year Forward Starting Revolving Credit Facility For Approximately EUR 9.4 Billion


Monday, 11 Feb 2013 02:26am EST 

Enel SpA announced that it has signed in Amsterdam a five-year revolving credit facility amounting to approximately EUR 9.4 billion that will be replacing the EUR 10 billion revolving credit facility (currently not utilized) set to expire in April 2015, starting from the latter expiry date. Such new revolving credit line is forward starting, meaning that it may be used starting from the expiry date of the abovementioned EUR 10 billion revolving credit facility or from a previous date, concurrently with the possible early cancellation of the latter by Enel. The new forward starting revolving credit line, which may be used by Enel and/or its Dutch subsidiary Enel Finance International N.V. (secured by the Parent Company), aims at extending further the Group’s treasury financial flexibility for its day-to-day cash requirements. This credit facility does not fall under the Group’s debt refinancing program. A group of banks participated to the transaction, amongst which Mediobanca with the role of Documentation Agent. The cost of the new credit line will vary depending upon Enel’s pro tempore rating, offering at current rating levels a margin of 170 basis points above Euribor with commitment fees of 40% of the applicable margin. 

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