Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009) (1 Viewer)

[Imark]

Peraltro, e poi la faccio finita con RWE-Essent, il prezzo pagato da RWE è pari a circa 10 volte l'EBITDA di Essent nel 2008, che non è un prezzo particolarmente cheap, visto che un precedente tentativo di fusione fra Essent ed il proprio concorrente sul mercato olandese Nuon, poi abortito, era stato concepito su base 8,5 volte l'EBITDA 2008 delle due società.

Dal WSJ online del 13/01/2009

Essent Says Yes to RWE
http://online.wsj.com/search/search...EW+CURTIN&ARTICLESEARCHQUERY_PARSER=bylineAND
RWE AG's €9.3 billion ($12.44 billion) agreed offer for smaller Dutch utility Essent is the first big European deal of the year. But bankers hoping it presages more meaty mergers and acquisitions in 2009 are likely to be disappointed. Various one-off factors helped clinch the deal.

Unlike most of its biggest European rivals, RWE has spurned major acquisitions in the past five years, leaving it effectively debt-free once the sale of its U.S. water activities is complete. So it's in a good position to raise fresh cash. RWE says it has secured a €9 billion credit on similar terms to Gas Natural's financing of its takeover of Spanish rival Fenosa late last year.

Meanwhile, Essent is urgently in need of a partner. In 2007, it was blocked on antitrust grounds from merging with local rival Nuon and is now being forced by the Dutch regulator to unbundle its network activities, a major source of profit. Essent's willingness to consider a takeover facilitated a healthy auction. Nuon, in contrast, is examining the sale of just a 40% stake in its generating business, a less enticing proposition, and is yet to find a partner.

RWE hasn't got itself a steal despite the financial crisis and bleak economic outlook for Europe. The German utility is paying more than 10 times 2008 earnings before tax, depreciation and amortization, according to one banker who worked on the transaction. That compares with the 8.5 times multiple implicit in the abortive Nuon-Essent merger, and is in line with recent energy-sector deals involving a change of control, such as the Gas Natural-Fenosa tie-up.

Pulling off such a big cash transaction in today's market conditions is an achievement all the same -- one that may not be repeated soon in Europe, at least outside the utilities sector and its comfortingly stable and predictable cash flows.

 

[Imark]

MF Dow Jones - News Italia

Enel: S&P pone rating A- in watch negative



MADRID (MF-DJ)--Standard & Poor's ha messo in Creditwatch con imnplicazioni negative il rating A- sul debito di lungo periodo dell'Enel.
La decisione, spiegano gli analisti di Moody's, riflette le preoccupazioni circa la debolezza nella struttura del capitale e nei ritardi nel piano di dismissioni di asset oltre ad un aumento del rischio nel rifinanziamento.
Il peggioramento delle condizioni dei mercati finanziari, potrebbe inoltre influire sulle dismissioni di asset. red/cat

(END) Dow Jones Newswires

In dettaglio, le motivazioni come indicate dall'agenzia. Pende sul capo di Enel la put di Acciona sul 25% di Endesa, che aggiungerebbe ad aprile 2010 altri 10 mld euro ad un fardello debitorio che ammontava a 59 mld euro (debito lordo) nell'ultima rilevazione, a fine settembre 2008.

Italian Utility Enel SpA 'A-' Long-Term Rating Placed On CreditWatch Negative; 'A-2' Short-Term Rating Affirmed

MADRID (Standard & Poor's) Jan. 15, 2009--Standard & Poor's Ratings Services said today that it has placed its 'A-' long-term corporate credit rating on Italian utility Enel SpA on CreditWatch with negative implications. At the same time, the A-2 short-term corporate credit rating was affirmed.

"The CreditWatch placement reflects our concerns about Enel's weak
capital structure; delays in its asset disposal program; significant
refinancing risk; tight liquidity position; and ability to achieve credit
metrics in line with its 'A-' rating by year-end 2009--namely, funds from
operations (FFO) to debt of about 18% and FFO interest coverage of about 4x," said Standard & Poor's credit analyst Ana Nogales.

It also acknowledges harshening conditions in the financial markets,
which can affect funding and future asset disposals.

Enel's deleveraging has been less than we expected (reported gross
financial debt declined to €59 billion at end-September 2008), because of
delays in asset disposals and in the receipt of about €3 billion of
extraordinary dividends from 67%-owned Spanish subsidiary Endesa S.A.

Moreover, market conditions remain challenging, which may lower the proceeds from other planned disposals and delay their completion.

The liquidity position of the Enel group excluding Endesa is tight. The group's first large maturities are in April 2010, when a €10.8 billion tranche of Endesa's acquisition credit facility matures, and refinancing risk will increase gradually as we approach this date.

In addition, Acciona--with whom Enel jointly acquired Endesa--could exercise its put option to sell Enel its 25% stake in Endesa beginning in April 2010, which could cost Enel a minimum of about €10 billion.

Standard & Poor's aims to resolve the CreditWatch status within the next three months, after meeting with the company.

"We will discuss with management, in detail, the group's asset disposal program, financial policy, and deleveraging path, as well as investment
plans--in particular in relation to Endesa," said Ms Nogales. "We could lower the long-term rating if we believe that risk profile is not consistent with the current 'A-' level."

 

[Imark]

Ed il rating sotto osservazione di Enel porta ad estendere il creditwatch negativo anche ad Endesa, che Enel controlla al 67%...

Spanish Utility Endesa S.A. 'A-' Long-Term Rating Placed On CreditWatch Negative; 'A-2' Short-Term Rating Affirmed

MILAN (Standard & Poor's) Jan. 15, 2009--Standard & Poor's Ratings Services said today that it has placed its 'A-' long-term corporate credit rating on Spanish utility Endesa S.A. on CreditWatch with negative implications. At the same time, the A-2 short-term corporate credit rating was affirmed.

"The CreditWatch placement follows that on Italian utility Enel SpA today and reflects our current rating approach, according to which the rating on Endesa may not be higher than that on Enel, which holds 67% of Endesa's capital and has joint control over the company with Acciona," said Standard & Poor's credit analyst Monica Mariani.

The CreditWatch placement on Enel reflects our concerns about Enel's ability to achieve credit metrics in line with its 'A-' rating by year-end
2009; the group's weak capital structure; delays in the asset disposal
program; significant refinancing risk; a tight liquidity position; and
harshening conditions in the financial markets, which can affect funding and future asset disposals.

The ratings on Endesa are supported by the group's solid position as
Spain's largest vertically integrated electricity utility and its well-matched
generation and supply businesses. These strengths are partially offset by a toughening industry environment in Spain, exposure to Latin America, and ongoing risks and uncertainties regarding Endesa's future strategy, financial structure, and financial policies since the Enel-Acciona takeover.

Standard & Poor's aims to resolve the CreditWatch placement within the next three months, after meeting with Enel. We will discuss with Enel's management, in detail, the group's asset disposal program, financial policy, and deleveraging path, as well as investment plans--in particular in relation to Endesa.

"We could lower the long-term rating on Enel, and therefore on Endesa, if we believe that Enel's risk profile is not consistent with the current 'A-' level," said Ms. Mariani

 

[lorenzo63]

Autorizzazione per la conv di Porto Tolle (Enel) da nafta pesante a carbone

ROME (Dow Jones)--Italy's government delayed Friday approving the conversion of Enel SpA's (ENEL.MI) Porto Tolle power plant to run on coal from fuel oil, seen as fundamental in the country's efforts to diversify its energy sources to generate electricity.
In a statement, the cabinet asked Environment Minister Stefania Prestigiacomo to give advice on the conversion.
Industry Minister Claudio Scajola said Wednesday the conversion would be approved at the meeting Friday.
Currently the plant in Porto Tolle, near the northeastern city of Rovigo, has a capacity of 2,640 megawatts but Enel has applied to convert it to coal, reducing its capacity to about 2,000MW as it seeks to boost facilities running on the cheaper and easier to transport fossil fuel.
Enel aims to generate half of its Italian electricity from coal.

 

[lorenzo63]

E dopo gli acquisti in UK EDF guarda alla Svizzera..

PARIS (Dow Jones)--French state-controlled energy group Electricite De France (1024251.FR) said Friday it is is financing the majority of its investment in new Swiss energy company ALPIQ Holding SA through a contribution in kind.
Following the agreements reached last December, EDF will, at the end of January, acquire a 25% holding in the new Swiss energy company, ALPIQ Holding SA, resulting from the combination of the activities of Swiss energy companies ATEL and EOS.
The total value of the transaction for EDF will be CHF1.06 billion, or approximately EUR705 million.
In order to finance the transaction, EDF will provide ALPIQ Holding SA with its energy rights from its 50% stake in the Emosson dam, located on the French-Swiss border, valued at CHF720 million, or approximately EUR480 million. The balance of CHF337 million, or approximately EUR225 million, will be paid in cash.
EDF, which was already an ATEL Holding SA shareholder, will now be the international partner of reference in ALPIQ Holding SA, alongside two large Swiss shareholders - Romansch energy company EOS Holding and CSM, a consortium of Atel's long-time Swiss-German and Ticino shareholders, EDF said.
ALPIQ Holding SA will have a hydraulic generation capacity in Switzerland of some 3000 MW, as well as 765 MW in nuclear capacity.
The new group will provide one third of Swiss energy and, as such, will become the country's leading energy provider, EDF said.

 

[Imark]

Un documento interessante in tempi di riduzione della liquidità e di attenzione al debito da rifinanziare è questo dispaccio di Fitch del 2 dicembre 2008, riguardante appunto il comparto utilities nell'anno 2009...

In quelle settimane non scrivevo molto sul FOL, per cui alla fine il documento è rimasto nei miei appunti.

La osservazione di fondo di Fitch è di ritenere che l'innalzamento dei costi di finanziamento delle utilities ed insieme il calo degli utili che essere registreranno rischiano nel 2009 di determinare un deterioramento dei parametri che misurano la copertura garantita del cash flow rispetto all'ammontare dell'interesse da corrispondere sul debito delle società.

Tuttavia, sempre secondo Fitch, la elasticità dei programmi di investimento di queste società, per molti versi modulabili discrezionalmente, potrebbe essere di aiuto nel contenere la pressione sui coverage ratios (e di conseguenza sui ratings).

In parole povere, le utilities possono modulare e ridurre la spesa di investimento per cercare di salvaguardare il propri rating.

Questo discorso ha perso una parte del proprio valore in virtù del drastico abbassamento dei tassi di interesse in area euro e di una ridotta percezione al rischio (almeno per ora) su questo comparto del corporate, fra i più difensivi.

Se le cose resteranno così, i costi di rifinanziamento non dovrebbero essere elevati al punto da generare pressioni sui livelli di liquidità disponibili.

Tuttavia per Fitch saranno da tenere d'occhio soprattutto quelle società per le quali c'è molto debito corto da rifinanziare (viene menzionata Enel, con 14 mld euro da rifinanziare di qui al 2010) oppure che sceglieranno di ridurre la liquidità disponibile rinviando il rifinanziamento del debito nell'aspettativa di poter accedere al mercato dei capitali a costi più bassi in un prossimo futuro (per le quali Fitch ipotizza addirittura pressioni negative sui rispettivi ratings).

La nota fa utilmente il punto sulle nuove emissioni lanciate sul mercato dalle utilities nella seconda metà di novembre, per un valore di 10 mld euro e numerosi players del compartimento coinvolti nel collocamento di nuovi bonds.

European Utilities Face Weaker Interest Cover Ratios


Fitch Ratings-London/Warsaw/Milan-02 December 2008: Fitch Ratings says today that increased spreads on bond issues recently placed by European utilities will negatively impact interest coverage ratios. However, the negative consequences of increased borrowing costs will be partially mitigated by a "portfolio effect", as a number of utilities have large portfolios of outstanding bonds spread across different maturities, many of which were issued at a time when pricing was substantially lower than in current market conditions.

For these companies, the increase in average costs of debt has been minimal so far, and will not have a major impact on coverage ratios. This may change though if the current pricing environment is sustained in the medium term, causing large portions of outstanding debt to be refinanced at more expensive levels.

"The increased costs of borrowing recorded over the last two quarters of 2008 will particularly result in a deterioration of coverage ratios of those utilities which increased their leverage, or which had sizeable debt maturities, during 2008," says Jacek Kawalczewski, Associate Director in Fitch's Energy, Utilities and Regulation team.

Fitch notes that utilities have been among the first to take advantage of windows of opportunity to issue in what is an intermittently open bond market, supported by the sector's stable cash flow generating characteristics and generally solid investment grade ratings.

However, the current challenging credit market environment has pushed the pricing for the highest-rated European energy companies up to approximately 200 basis points (bp) for 5-year maturities, and around 300 bp for 10-year maturities, based on recent issuance. This is a substantial difference compared to the 2007 September and October 5-year bonds issued by E.ON AG ('A+'/Outlook Negative) and CEZ, a.s. ('A-'(A minus)/Outlook Stable), both priced at around 60 bp, and to E.ON's 12-year issue placed at 110 bp in April 2008.

Fitch believes that increased borrowing costs together with the slowdown in consumption that is likely to characterise a number of recessionary European economies in 2009 might cause utility companies to revise their sizeable investment plans, as certain projects or acquisitions may no longer meet minimum hurdle rates and the strain on existing assets becomes less pronounced.

Therefore, as confirmed by a number of already revised business plans, total industry capex could be scaled back, given the discretionary nature of many projects, whilst others might be delayed or suspended. Utilities with flexible investment plans should therefore be able to at least partially offset the negative implications on their financial profiles of weakened credit market conditions by reduced capex spending.

In the last two weeks several European utilities have accessed the bond market with the total issuance amount reaching almost EUR10bn, including Electricite de France ('AA-' (AA minus)/Outlook RWN) and RWE AG ('A+'/Outlook Negative). Both utility groups raised EUR2bn respectively. This was followed by German issuers EnBW AG and E.ON AG, Spain's Iberdrola ('A'/Outlook Negative) and Sweden's Vattenfall AB ('A+'/Outlook Negative).

Fitch believes highly rated European utilities are well placed to take advantage of potential further capital market issuance opportunities, particularly in the case of frequent-issuers who have already been active in recent months, such as E.ON, which has issued more than EUR18bn since September 2007 and Electricite de France, which has placed bonds on the European market four times during 2008.

However, the agency will closely monitor the funding efforts of utilities with sizeable near-term refinancing needs, such as Enel SpA ('A-'(A minus)/Outlook Negative), which has some EUR14bn of debt maturing in 2010.

Furthermore, Fitch will monitor the trade-off that individual entities make between increased financing costs related to new borrowings and their commitment to ease pressure on refinancing to be done in 2009 and 2010. Entities that are willing to compromise their liquidity profiles by postponing issuance in anticipation of a potential reduction in borrowing costs are likely to see their ratings negatively affected.

 

[Imark]

Infatti poche settimane dopo, alcuni giorni fa, Fitch corregge in parte il tiro con riguardo sia alle utilities che alle telecom.

L'agenzia nota come questi due settori siano "capital intensive" (ma anche, ci sarebbe da dire, che le aziende principali stiano attraversando una fase di consolidamento come players globali che si traduce in investimento in fusioni ed acquisizioni nonché più in generale nella crescita degli investimenti esteri) e facciano affidamento sui mercati obbligazionari per rifinanziare il debito in essere.

Tuttavia la forte generazione di flussi di cassa, il leverage abbastanza contenuto ed il percepito carattere difensivo in una fase recessiva rispetto ad altri comparti del corporate (e, aggiungerei, la circostanza che tale carattere difensivo è in parte venuto meno per il comparto bancario), di telecom ed utilities danno una certa appetibilità alle emissioni dei due settori, tanto da aver consentito di recente una riduzione degli interessi corrisposti sulle nuove emissioni.

Tale circostanza, in concomitanza con la tendenza alla riduzione dei tassi di interesse, porta a ritenere meno difficoltoso il rifinanziamento del debito in scadenza nell'anno appena iniziato e nel prossimo sebbene le scadenze complessive siano significative (51 mld euro solo per le telecom).

Preoccupa meno anche il fatto che alcuni emittenti di ambo i comparti avessero preferito attendere un "rilassamento" dei mercati del credito rispetto alla chiusura della fase post default Lehman, utilizzando nel mentre linee di credito ed altre facilities bancarie per far fronte alle scadenze debitorie immediate, piuttosto che provare a rifinanziare questo debito nonostante la chiusura dei mercati.


European Telcos, Utilities Can Mitigate Refinancing Risk In 2009 Despite High Funding Needs

13 Jan 2009 7:57 AM (EST)


Fitch Ratings-London-13 January 2009: Fitch Ratings says today that a combination of reasonable levels of balance sheet leverage and perceived defensive sector qualities, relative to other sectors, should ensure better access to public bond markets in H1 2009 for the European telecoms and utilities sectors, and mitigate any build-up of refinancing risk.


Both Telecoms and Energy & Utilities (E&U) are capital intensive sectors that rely heavily on bond markets every year to meet their funding needs. In telecoms, the 2009/2010 supply requirements are no exception with an estimated EUR51bn due for refinancing in 2009 and 2010 for the major European incumbent operators.

Fitch notes that not all 2008 maturities were refinanced on the bond markets, and therefore revolving credit facilities (RCF) and back-up bank facilities were utilised, there is also some additional potential refinancing hangover from 2008. A similar pattern has emerged in the E&U sector with increased utilisation of RCF and some postponement of refinancing activity, resulting in a substantial amount of funding due for refinancing in 2009 and 2010.

Fitch believes that despite the ongoing impact of the global financial crisis, both the European telecoms and E&U sectors remain attractive for investors looking to return to highly-rated corporate bond yields.

The underlying sector dynamics support this view, with a combination of strong cash flow generation (the same group of telecoms incumbent operators generated approximately EUR20bn in post dividend free cash flow in 2007/8), relatively low average leverage (net debt/EBITDA 2.3x for telecoms) and some defensive recession proof qualities such as less exposure to cyclical revenues. Fitch's incumbent telecoms portfolio is typically rated in the 'A-' (A minus) to high 'BBB' rating category, while incumbent E&U entities are typically rated from the 'A+'/'AA-' (AA minus) range to the mid 'BBB' rating category.

The agency notes that 2009 demand for telecoms and utility paper was demonstrated by Vodafone Group plc's ('A-'((A minus))/'F2'/Stable) move into the bond market last week with a EUR1.25bn seven year issue, and National Grid Electricity Transmission plc's ('A-'((A minus))/'F2'/Stable) GBP350m 2031 issue (senior unsecured rating 'A'). Both issues generated successful demand in the market by being more than three times oversubscribed and seeing pricing guidance tighten.

While absolute spreads over government treasuries still appear high relative to this time last year, overall interest rates have significantly declined helping to mitigate the all-in cost to the issuers. Fitch also notes that while pricing remains somewhat volatile, the tightening seen in recent weeks for highly-rated corporate names (such as Vodafone and National Grid) should see other European telecoms and E&U issuers reacting sooner in 2009. Fitch published its 2009 outlook on the telecoms sector, entitled "European Telecoms Credit Outlook 2009", on 2 December 2008. The outlook detailed the ability of the sector to withstand certain recessionary pressures, including the ability to conserve cash in case of refinancing need. The telecoms outlook and European energy and utilities outlooks for 2009 are available on Fitch's public website, www.fitchratings.com.

 

[Imark]

Sempre a proposito di utilities, vi segnalo che Fitch ha pubblicato alcuni interessanti report sul comparto guardando all'outlook dei singoli mercati nazionali nel 2009.

Qui di seguito trovate allegato l'outlook per le utilities tedesche, che ci dà occasione di conoscerle un po' meglio, dopo che l'attività di monitoraggio recente ci aveva portato ad esaminare soprattutto quelle francesi.

In sintesi, Fitch prevede tempi leggermente grami: in calo la domanda di elettricità e di gas per la recessione, in salita la pressione competitiva sul mercato, anche per il consolidamento delle utilities municipalizzate ed un possibile flusso di fusioni ed acquisizioni successive ad una liberalizzazione delle reti di trasmissione.

Il contesto tuttavia non dovrebbe incidere sensibilmente sulla posizione di E.On, di RWE, di En.BW, di Vattenfall Europe (filiale della Vattenfall svedese) che sono le prime quattro utilities energetiche tedesche, in quest'ordine, caratterizzate dal loro avere una posizione di incumbent nazionali, se si guarda alla capacità di generazione elettrica (controllano il 60% della capacità generativa tedesca) ed all'energia generata (il 75% del totale tedesco).

Il report, lungo in tutto 4 pagine, sintetizza in poche righe info molto utili a chi tiene sotto controllo il comparto soffermandosi sui livelli di leverage, sull'accesso delle utilities tedesche al mercato obbligazionario, sui costi di finanziamento e sui piani per la gestione del capex, sulle attività riguardanti la possibile liberalizzazione dell'accesso alle reti di trasmissione, oggi proprietarie, sull'attesa concentrazione delle municipalizzate, sugli effetti sulle utilities della pianificata uscita dal nucleare.

Il report è del 18 dicembre, precedente all'acquisizione della olandese Essent da parte di RWE, e dunque non sconta l'esito di quella operazione...

 

[Imark]

In dettaglio, le motivazioni come indicate dall'agenzia. Pende sul capo di Enel la put di Acciona sul 25% di Endesa, che aggiungerebbe ad aprile 2010 altri 10 mld euro ad un fardello debitorio che ammontava a 59 mld euro (debito lordo) nell'ultima rilevazione, a fine settembre 2008.

....

Sempre sul tema Enel - Acciona circa il controllo di Endesa, un recente alrticolo del Financial Times lascia spazio ad una conclusione anticipata ed amichevole della relazione fra le due società, sulla scorta della spinta proveniente da Santander e BBVA, le grandi banche spagnole finanziatrici di Acciona, attiva principalmente, si rammenta, in un business pesantemente esposto alla recessione in Spagna quale quello immobiliare.

Una uscita anticipata di Acciona dal deal avverrebbe a fronte di un ammorbidimento delle condizioni da praticare nei confronti del socio italiano e con la possibilità per Enel di valersi delle due banche spagnole per rifinanziare a condizioni interessanti il deal per l'acquisto di Endesa.

Acciona and Enel negotiate a friendly Spanish divorce

By Paul Betts

Published: January 13 2009 02:00 | Last updated: January 13 2009 02:00


The global financial crisis is not all doom and gloom. Some situations in the corporate landscape that were deadlocked during the good times are loosening up as the financial system becomes more discerning about counterparties and risk. One such example can be seen in the long-running stand-off at Spain's leading energy utility Endesa, between Enel of Italy and its Spanish partner, the construction company Acciona.

This marriage of convenience that allowed the odd Italo-Spanish couple to pip Germany's Eon to the post in the 2006 bid battle for Endesa has long lived under a cloud. Acciona's disproportionate management influence - a concession Enel was obliged to make - and the feudal style with which its maverick head José Manuel Entrecanales has exercised that power sit awkwardly with majority shareholder Enel's vision and general corporate approach.

As a result, the two parties were expected to seek a not-so-amicable divorce as soon as possible. And Acciona has an option to put its 25 per cent Endesa stake on Enel from 2010. But the global banking crisis combined with the abrupt end to the Spanish property and construction boom seem to be speeding up the separation in a far friendlier way.

Spain's two largest banks, Santander and BBVA, are heavily exposed to Acciona which, as an unrated business, has financed its growth largely with loans. Suddenly the choice between an edgy Acciona and a boring, part state-owned Enel as a medium to long-term counterparty at Endesa has become pretty obvious for the banks.

Enel would presumably not be averse to a swift resolution to the domestic spats at Endesa. Even though Endesa's operational management has proved its calibre by producing solid results despite its rowing parents, Enel's chief executive Fulvio Conti is nothing if not a realist.

The challenges of the economic environment and the need to plan for a much more complex energy future call for maximum concentration on the business. Bringing forward an Acciona exit would also offer Enel the chance to refinance a slug of debt with two Spanish banks, keen to strike a deal that also resolves their Acciona concerns.

Not that Enel will sign up under any circumstances. If the additional debt the deal implies were to put the Italian company's A+ credit rating at risk, the cautious Mr Conti would be likely to call the whole thing off. Yet the approximately €11bn cost of taking on Acciona's stake would not all need to be satisfied in cash. Acciona is keen to be part-paid with some of Endesa's renewable assets.

Mr Conti can also look to his own planned asset sales - he recently sold a vestigial gas network to Terna in Italy - reduced capital expenditure and the additional synergies and cash flow that Endesa will generate. He also has the comfort of knowing Enel has an exemption from buying out Endesa's other minorities.

The various branches of the Entrecanales family will probably be hoping the ratings agencies give the thumbs up. The prospect of exiting with a capital gain from a high- risk escapade is clearly appealing.

Meanwhile Enel, although understandably cautious about the financial fine print of any deal, would equally be more than pleased were Acciona to exit on acceptable terms. After all, the Italians will have taken near full control of one of Europe's leading generators well ahead of time.

 

[luke75]

fonte: Bloomberg
Enel Has Bank Credit Lined Up for Endesa Stake, Messaggero Says
By Adam L. Freeman

Jan. 17 (Bloomberg) -- Enel SpA has lined up 7 billion euros ($9.3 billion) in bank credit to buy Acciona SA’s 25 percent stake in Endesa SA, Messaggero reported without saying where it got the information.

Mediobanca is the lead credit arranger of a group of banks that include Intesa SanPaolo SpA, UniCredit SpA, Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, the report said.

To contact the reporter on this story: Adam L. Freeman in Rome at [email protected]