By Manuela Mesco
MILAN--Italian utility Enel SpA (ENEL.MI) will launch a hybrid
bond for up to 2 billion euros ($2.57 billion) before the summer,
Chief Executive Fulvio Conti said Thursday.
Speaking at the annual meeting of the Italian business lobby
Confindustria, Mr. Conti said the company is preparing for the
operation, without adding any further details.
The bond is part of a hybrid financing that the company's board
approved earlier in May, worth up to EUR5 billion and to be sold by
2015.
Enel has spent the last few years focusing on servicing a huge
debt pile amassed after its 2007 takeover of Spanish rival Endesa
SA (ELE.MC). At the same time, it has been grappling with lower
demand for electricity due to the continent's economic slowdown,
which has particularly hit Italy and Spain.
At 1100 GMT, Enel's shares were down 1.51% in Milan at EUR2.87
at 11:06.
Write to Manuela Mesco at manuela.mesco@dowjones.com
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