(Tiper Stock Exchange) – It is in the has subscribed with a pool of financial institutions consisting of BPM desk, BPER BankCassa Depositi e Prestiti, Intesa Sanpaolo and UniCredit (the latter also acting as agent bank) a €12 billion revolving credit line dedicated to the needs of collateral coverage for trading activities on the energy markets. The credit line has a duration of approximately 18 months and is guaranteed by SACE up to 70% of its nominal amount.
The line of credit, explains a note, “is part of a structured intervention to protect the national energy systemaimed at providing sector operators with an additional tool for managing the risks associated with the very large size assumed by the contracts stipulated to cover industrial positions (so-called margining) due to the continuing volatility of the energy markets due to the effects of the crisis”.
The line of credit has a margin by 50 basis points above Euribor it’s a commission Of non-use equal to 35% of the margin. Based on the Aid Decree, the annual guarantee premium is determined, in relation to the guaranteed amount, as 50 basis points for the first year and 100 basis points for the second year.
L’delivery on first use of the loan and the effectiveness of the guarantee are subject to theadoption of a specific Decree of the Minister of Economy and Finance, in concert with the Minister of Enterprise and Made in Italy.
The credit line it has no impact on net financial debt of the Enel group, which has solid liquidity of approximately 24.7 billion euros (net of the credit line) at the end of September 2022.