ENECO Holding N.V. has signed its Revolving Credit Facility in the increased amount of EUR 1.5bn (up from EUR 1.25bn) following an over-subscription in syndication. ABN AMRO Bank N.V., Barclays Capital (the investment banking division of Barclays Bank PLC), Fortis Bank (Nederland) N.V. and Société Générale Corporate & Investment Banking were joint Bookrunners on the deal. Fortis is Co-ordinator and Facility Agent.
Eight banks joined the deal in syndication. The opening margin on the Facility is 20bp, linked to a ratings based margin grid. There is a utilisation fee of 5bp pa if total drawings exceed 50% of the Facility amount, and commitment fee is 32.5% of the applicable margin.
The Facility has a tenor of 5 years and is for ENECO's general corporate purposes including, inter alia, working capital finance and to provide a liquidity back-stop for their commercial paper programme. The Facility is structured to be compliant with the Law on Independent Network Management ("WON") in the Netherlands and to accommodate a future unbundling of ENECO's regulated and non-regulated businesses in accordance with the WON regulations.
The Facility replaces and cancels the Company's existing EUR 1bn syndicated credit facility dated 24th August 2004 (as amended).
ENECO is among the leading integrated energy suppliers in the Netherlands. ENECO specializes in the transmission, trading, supply, generation, production and metering of energy (electricity, gas and heat) and related products and services. The business had turnover in 2006 amounting to €4.3 billion and some 5000 employees. ENECO has a long term credit rating of A from Standard & Poor's.
The syndicate of banks is comprised of the following:-
Bookrunner/Mandated Lead Arrangers
ABN AMRO Bank N.V.
Barclays Capital
Fortis Bank (Nederland) N.V.
Société Générale
Mandated Lead Arrangers
BNP Paribas S.A.
Deutsche Bank Luxembourg S.A.
ING Bank N.V.
Senior Lead Arranger
Citibank N.A., London Branch
Lead Arrangers
N.V. Bank Nederlandse Gemeenten
Dexia Bank Belgium SA/NV
Lloyds TSB Bank Plc
INTESA SANPAOLO S.p.A.
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Press Contacts:
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Fortis:
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Martin Dore Loan Syndications +44 (0) 20 3296 8339
David Hullah Loan Syndications +44 (0) 20 3296 9500 |
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ABN AMRO: |
Raymond Beimers Syndicated Loan Origination +31 20 383 6646 |
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Barclays Capital: |
Nigel Pavey Global Loans +44 (0) 20 7773 3048 |
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Société Générale: |
Stuart Fidler European Loan Syndications +44 (0) 20 7676 6709 |
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ENECO Energie: |
Cor de Ruijter Public Affairs & Communications +31 65 322 3587 |
Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. With a market
capitalisation of EUR 32.8 billion (31/01/2008), Fortis ranks among the 15 largest financial institutions in
Europe. Our sound solvency position, our presence in over 50 countries and our dedicated, professional
workforce of 60,000 enable us to combine global strength with local flexibility and provide our clients with
optimum support. More information is available at www.fortis.com.
Société Générale
Société Générale Corporate & Investment Banking A leading player present in over 45 countries across Europe, the Americas and Asia-Pacific, Société Générale Corporate & Investment Banking is the bank of reference for:
Euro capital markets. A top 5 player across euro debt capital markets bonds, securitisation, loans), and a leader in French Equity Capital Markets with European reach.
Derivatives. A world leader in equity derivatives, and with forefront positions in many interest rate, credit, foreign exchange and commodities derivatives.
Structured finance. A worldwide leader in export, project and structured commodity finance with global expertise in energy, infrastructure, real estate and media & telecom finance. Tailoring solutions in terms of capital raising, financing, risk management and investment, Société Générale Corporate & Investment Banking combines expertise, innovation and advisory skills coupled with quality of execution to both issuers and investors clients across debt and equity.www.sgcib.com
Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC which has an AA long-term credit rating and a balance sheet of over £1.1 trillion. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with solutions to their financing and risk management needs. Barclays Capital has offices in 26 countries, employs over 15,700 people and has the global reach and distribution power to meet the needs of issuers and investors worldwide.
For further information about Barclays Capital, please visit our website www.barclayscapital.com.
For further information about Barclays Capital, please visit our website www.barclayscapital.com.
ABN AMRO
"Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 1,120.1 bln (as at 30 June 2007). It has more than 4,000 branches in 53 countries, and has a staff of more than 99,000 full-time equivalents worldwide. ABN AMRO was acquired by the Consortium of RBS, Fortis and Santander in
October 2007 and its various businesses will be divided among the three banks."
