Elecnor clinches a EUR 600 million syndicated finance plan

21 july 2014

The plan was drawn up with 19 banks over 5 years

The amount and term of the arrangement have been extended, with substantial improvements to the EUR 500 million syndicated plan originally signed up in January 2012

Madrid, 21 July 2014. - Elecnor has secured finance of EUR 600 million with a group of 19 domestic and international banks. 

The operation was carried through at the top of the range initially planned, between EUR 500 and 600 million, and was 1.3 oversubscribed. Elecnor has once more clearly demonstrated its ability to secure finance from banks, and the banks' willingness to assist with its operations, producing a line of credit in much better conditions than on the equity market.

This operation over five years extends the average timeline of company financing and substantially improves the conditions, in terms of both margins and covenants, of the current arrangement signed up in January 2012, thanks to a market situation that has shown a considerable improvement since.

Finance will be used to pay off the EUR 401 million outstanding on the 2012 syndicated loan, and will enable the Group to cover its investment requirements in the years ahead, particularly in foreign markets and operational areas with greater growth potential and stable regulatory frameworks.

The arrangement comes in two tranches: a EUR 300 million loan tranche and a EUR 200 million revolving credit facility. It was led by Banco Santander as Sole Bookrunner, Coordinator and Agent.

Bankia, Caixabank, Banco Sabadell, Kutxabank, Credit Agricole, BBVA and Barclays acted as MLAs alongside Banco Santander.