Iberdrola refis early with new Eu3bn line
Spain’s Iberdrola launched a Eu3bn deal on Thursday morning, refinancing a facility signed last summer to take advantage of the tighter margins now on offer. But bankers said that other credits that resisted the temptation to come to the market in 2010 for early refinancing of loans maturing in 2012 might have chosen the wiser strategy.
BBVA, BNP Paribas, HSBC and Santander have been mandated to lead the new facility for Iberdrola. The firm, rated A3/A-/A- and Spains largest utility, paid 75bp for its five year self-arranged new money facility last summer, and is now looking to replace the Eu2.15bn line.
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