Enel begins Eu8bn syndication, includes forward start
Enel, the Italian utility, launched its long-awaited Eu8bn loan on Monday morning to back its takeover of infrastructure group Acciona’s 25% stake in Endesa, the Spanish utility. Syndication, which had been expected to launch about two weeks ago, was delayed after negotiations between the borrower and seller took longer than expected.
The facility includes a forward start, one of the biggest to emerge in Europe so far this year.
Enel, which already owns a 67% stake in Endesa, will add the Eu8bn loan to its existing term loan C, which matures on April 10, 2012. That tranche was part of a Eu35bn facility signed in 2007 to support Enels acquisition of its Endesa stake.
As well as increasing
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