Endesa (NYSE:ELE)
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ENDESA (NYSE: ELE):
-- Today ENDESA signed a Euro 2.7 billion loan in a club deal.
The loan has two tranches, A and B, of Euro 1.35 billion each.
-- This deal will increase Company liquidity to Euro 6.7 billion.
-- The deal is the largest single transaction in the Company's
history and demonstrates yet again the financial markets'
confidence in ENDESA.
Today ENDESA (NYSE: ELE) signed a Euro 2.7 billion club deal loan.
The purpose of the loan is to increase liquidity.
The loan's special characteristics in terms of maturity and
flexibility permit the company to optimise the deal's financial costs
in addition to enabling it to efficiently manage the potential
transfer or securitisation of booked regulatory line items, expected
to be completed in near future. As of 31 March, the amount of these
line items booked and pending payment was in excess of Euro 3 billion,
of which Euro 2.099 billion relate to the cumulative mainland
generation tariff deficit for 2005 and 1Q06, Euro 837 million relate
to the non-mainland deficit accumulated between 2001-2005 and, lastly,
Euro 102 million in connection with CTCs in Italy.
The deal, the largest ever signed by ENDESA to date, is made up of
two tranches, A and B, each amounting to Euro 1.35 billion, maturing
in one and two years, respectively, on very competitive conditions.
Fifteen top tier financial entities participated in the loan,
three Spanish banks and twelve foreign entities, reflecting the
Company's strong credit quality and demonstrating the confidence
placed in Endesa by the financial markets. This enabled the deal to be
structured as a club deal with a limited number of banks and without
having to resort to a syndication.
The new deal is in line with ENDESA's strategy in recent years of
bolstering its balance sheet, and strengthens the Company's already
high liquidity level, which will now stand at approximately Euro 6.7
billion, an amount which is more than enough to meet its medium term
financial commitments.
For additional information please contact Alvaro Perez de Lema,
North America Investor Relations Office, telephone # 212 750 7200
http://www.endesa.es