Enel, sustainability-linked revolving credit line increased to 13.5 billion

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(Finance) – Is in the and his subsidiary under Dutch law Enel Finance International (EFI) today signed an amendment and restatement agreement aimed at increasing the amount of the 10 billion euro “Sustainability-Linked” revolving credit line by € 3.5 billion, stipulated in March 2021 with a pool of banking institutions. The agreement – reads a note – provides that the additional 3.5 billion euros will be made available for 3 years, until May 2025, and, together with the main tranche of 10 billion euros expiring in March 2026, will be used to meet the Group’s financial needs, thus strengthening its solid liquidity position.

The Credit Line, whose main financial conditions have not changed following the signing of the amendment and restatement agreement, is linked to the Key Performance Indicator (“KPI”) relating to the intensity of direct greenhouse gas emissions (Scope 1) , thus contributing to the achievement of the United Nations Sustainable Development Goal (SDG) 13 “Fight against climate change”. The transaction is also in line with the Group’s “Sustainability-Linked Financing Framework”, with respect to which VE issued a Second-Party Opinion, both most recently updated in January 2022.

Based on the achievement by 31 December 2023 of an amount of direct greenhouse gas emissions equal to or less than 148 gCO2eq / kWh, a step up / step down mechanism is envisaged that will affect the margin applicable to subsequent uses of the Credit, as well as on commissions for any unused portions of the line itself.

THEl cost of financing it is variable according to the rating assigned pro tempore to Enel and, based on the current rating, has a spread of 40 bps above the Euribor for which a floor of zero is envisaged; in addition, the non-use commission is equal to 35% of the spread.

The Credit Line can be used by Enel itself and / or by EFI, in the latter case with a guarantee issued by the Parent Company Enel, and has the aim of providing the Group with an extremely flexible tool for managing any liquidity needs. The Credit Line is granted by 37 leading global financial institutions, including Mediobanca as Documentation and Facility Agent.

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