Luxembourg, April 19th, 2010 Today in Luxembourg Enel S.p.A. (1) signed a 5-year revolving credit facility for 10 billion euros that replaces a 5 billion euros syndicated loan (currently not utilised) set to expire in November 2010.
The new credit line which may be used by Enel S.p.A. and/or by its Luxembourg subsidiary Enel Finance International SA (secured by the Parent Company), aims at offering the Group Treasury further financial flexibility for its day-to-day cash requirements. This credit facility does not fall under the Groups debt refinancing program.
A large group of lenders, coordinated by Mediobanca, participated in the operation. Requests for participation amounting to over 13 billion euros were made, prompting Enel to increase the amount of the facility to 10 billion euros from the 8 billion euros originally contemplated.
The cost of the new credit line will vary depending upon Enel S.p.A.s pro tempore rating, offering at current rating levels a margin of 85 basis points above Euribor with commitment fees of 40% of the applicable margin.
1 (A-/A-2 rating with stable outlook for S&P's, A2/P-1 with negative outlook for Moody's and A-/F2 with stable outlook for Fitch).
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