Endesa has formalized a new credit line with its ENEL matrix, through Enel Finance International, for an amount of up to 1.5 billion euros and a expiration of five years, according to the operations linked to its maximum shareholder, the Italian energy, approved by the Board of Directors of Electric.
As reported by the Company to the National Securities Market commission (CNMV), the Board of Directors, in the sessions held in June 2024, July 2024, October 2024, November 2024, December 2024, January 2025 and May Annual amount of the annual business figure that forces them to be publicly announced.
Within Endesa’s financial strategy, it is a common practice that part of its financing is carried out by holding operations with societies of its matrix.
In May 2023, Endesa and Enel Finance International have already formalized a credit operation for 1,125 million euros to three years, which would be considered in the short term in May 2025 and would stop computing as liquidity, which is why the company indicated that “it will proceed to its early cancellation” this May.
At the same time, with the purpose of complying with its financial management objectives, Endesa said that it has recently formalized long -term banking financial operations, with independent third parties and, additionally, proposes this new linked operation, which will complete long -term bank financing with an intragroup credit line for 1,500 million euros.
The credit line will be paid on the basis of an interest rate based on the application of a 76.5 basic points on the Annual Euribor. Likewise, an opening commission of 29 basic points on the principal of the operation to be paid by Endesa will be included on the date of signature.
-Specifically, the main objectives of the group’s financial management in the 2025 exercise are, among others, to maintain laziness levels that ensure the business plan and the possible budget deviations and the payment of the dividend, maintain the half -life of the debt at optimal levels, thus moderating the concentration of maturities and, achieving greater flexibility in terms of liquidity needs.
Also, once this long -term credit line for 1.5 billion euros was approved, the long -term credit line would be without effect per amount of 1,125 million euros formalized in 2023 between Enel and Endesa.
Linked operations
The linked operations are those that reflect economic transactions, via services and other contracts, between a company and its main shareholders, also receiving a report each of them from the audit and compliance committee that corroborates that they are “fair and reasonable” from the point of view of Endesa and, of the shareholders other than the linked party.
Additionally, in the case of Endesa, for all related operations there is at least one report of an independent expert that has concluded that the operations held are “fair and reasonable” from the point of view of electricity and shareholders that are not linked parts.
Among the operations communicated, in addition to the new financing line, are contracts referring to the provision of different services, such as for the supply of counters, technical services, telephone or televent activities, or the purchase of fuel oil, among others.
