Rome, October 1st, 2011 Late yesterday night Enel Distribuzione S.p.A. (Enel Distribuzione, a wholly-owned subsidiary of Enel S.p.A.) signed an agreement with the European Investment Bank (EIB) for a 350 million euro loan (called Enel Efficienza Rete III) to cover a portion of its investments relating to efficiency improvements in the Italian electricity network, a project described in Enel Distribuziones 2012-2014 business plan.
The EIB also indicated its willingness to providing further funding for these investments up to a total of 1 billion euros.
The 20-year Enel Efficienza Rete III financing agreement (maturing December 15th, 2031) has a 5-year grace period that runs until December 15th, 2016. The funds will be disbursed by the end of 2011 and secured with a parent company guarantee provided by Enel S.p.A.
The highly-competitive loan terms include the application of a margin of 70 basis points over the Euribor for the period.
This operation, like many other similar ones, is an indication of EIB endorsement of the validity of Enel Group's investment strategy.
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