Endesa signs Eu1.3bn FSF, nets Eu2bn of new money
Spain’s Endesa has secured Eu3.28bn of loans in a sign of the market’s continuing improvement. The success of the two deals — a Eu2bn new money loan and a Eu1.28bn forward start facility — came despite the fact Endesa’s majority owner, Italian utility Enel, signed Eu8bn of loans only last month.
Endesa, rated A3/A-/A-, will draw the forward start to extend until January 2012 part of a Eu1.5bn tranche due in June 2010.
Ten banks committed to the forward start: BBVA (the coordinator), BNP Paribas, Citi, Deutsche Bank, Fortis Bank, HVB, Intesa Sanpaolo, JPMorgan, Royal Bank of Scotland and Santander.The ...