Enel Signs EUR12 Billion Revolving Credit Facility
27 December 2022 - 7:09PM
Dow Jones News
By Christian Moess Laursen
Enel SpA said late Friday that it has signed a 12 billion euros
($12.76 billion) revolving credit facility with a group of banks to
fund the collateral requirements for its energy-market trading
activities.
The Italian utility said the credit facility--guaranteed by the
Italian export credit agency SACE SpA for up to 70% of its nominal
amount--has a term of about 18 months.
"The revolving credit facility is part of a structured course of
action to protect Italy's energy system, aimed at providing sector
operators with an additional tool for managing the risks associated
with the very large size reached by the contracts stipulated to
cover industrial positions (so-called margining) due to the
continuing volatility of the energy markets as a result of the
crisis," it said.
The company said the deal is in line with the European
Commission's temporary crisis framework for state aid to support
the economy during the Russia-Ukraine war.
The credit facility doesn't have any effect on its net financial
debt, Enel said. The company had around EUR24.7 billion in
liquidity at the end of September, it said.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
December 27, 2022 02:54 ET (07:54 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Enel (BIT:ENEL)
Historical Stock Chart
From Nov 2024 to Dec 2024
Enel (BIT:ENEL)
Historical Stock Chart
From Dec 2023 to Dec 2024
