E.On launches five year refi paying 47.5bp
German utility E.On is in the loan market with a self-arranged Eu6bn five year revolver, to refinance Eu9bn of existing debt. The borrower, rated A2/A, has launched the deal with a margin of 47.5bp.
“This pricing is on market,” said a banker familiar with the borrower. “Arguably they could have pushed it a bit more, but they’re a practical issuer.”
The facility will refinance a Eu4bn 364 day loan signed in November last year and a Eu5bn term loan due in November 2011.
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