Iberdrola plans to grow non-domestic bank group with refi

26 May 2011

Spanish utility Iberdrola is marketing its new Eu3bn five year deal to a wide number of lenders, as it looks to broaden the reach of its relationship bank group beyond its domestic market.

The Eu3bn loan will refinance a Eu2.15bn line arranged last summer. The A3/A-/A- rated borrower is looking to reduce its borrowing costs, although not by very much — it is reducing the margin on the loan from 75bp to around 70bp. Instead, the refinancing will allow Iberdrola to ...

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