Iberdrola gets forward start, extending Eu3.8bn out of Eu5.3bn
Iberdrola has become the latest borrower to secure a forward start facility. The Spanish energy group has managed to extend Eu3.8bn of a Eu5.262bn syndicated loan maturing in November.
Most of the extended debt now matures in 2012. The rest has a shorter tenor.
Iberdrola offered to increase the margin from 22.5bp to 150bp on the longer debt and to 120bp on the shorter piece. Lenders were offered fees of 90bp.
Iberdrola, rated A3/A-/A, initially secured the loan in
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