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ENEL: REVOLVING CREDIT FACILITY OF AROUND 9.4 BILLION EUROS RENEGOTIATED

Renegotiation led to reduction in costs and extension of the expiry date of the credit facility

Amsterdam, February 12th, 2015 – Enel S.p.A. (“Enel”)1 and its Dutch subsidiary Enel Finance International N.V. (“Enel Finance International”) today renegotiated the revolving credit facility amounting to approximately 9.4 billion euros, signed on February 8th, 2013, reducing the associated costs and extending the facility’s maturity to 2020 from the original expiry date of April 2018.

The credit facility, which may be used by Enel and/or by Enel Finance International, secured by the Parent Company, is not connected with the Group’s debt refinancing programme. The facility aims to provide the Group’s treasury with an extremely flexible and practical instrument for managing its day-to-day cash requirements.

The cost of the credit facility varies upon Enel’s pro tempore rating and represents a margin which has changed, based upon current rating levels, to 80 basis points above Euribor from the previous 190, while the commitment fees have shifted to 35% of the same margin from previous 40%. Therefore, based upon this reduction, commitment fees have shifted to 28 from 76 basis points. 

A number of Italian and international banks were involved in the transaction, with Mediobanca serving as the Documentation Agent.

 

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