Enel uses forward start for Eu8bn sell-down
Italian utility Enel has launched syndication of its Eu8bn loan, which will be used to buy Acciona’s 25% stake in Endesa. The 12 bookrunners hope many of Acciona’s current lenders will opt to transfer their risk to Enel, considered a stronger credit. The new debt will be added to an existing Enel loan that matures in 2012 and a forward start had been put in place so that part of the new money matures in 2014 and the rest in 2016.
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