Three-tranche Enel bond to be about $5 bln

MILAN - A planned three-tranche bond by Italian utility Enel will be worth around $5 billion in total, sources close to the operation told Reuters on Tuesday.

By (Reuters)

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Published: Tue 11 Sep 2007, 5:23 PM

Last updated: Sat 4 Apr 2015, 11:37 PM

Enel will use the bond to partly re-finance its bid for Spain’s Endesa. The bond will have three tranches, for five, 10 and 30 years.

In July Enel’s board approved new bond issues for up 10 billion euros by March 2008.

‘With this issue ... we can cover around half the amount approved by the board in July,’ a source close to the operation told Reuters.

Enel’s dollar bond is the first bond in dollars for the company.

‘The issue will be presented to investors for a couple of days. At that point one could start thinking about what yield to offer,’ said a banking source close to the operation.

‘Barring (adverse) market conditions, the pricing could be done by the end of this week,’ the source added.

Deutsche Bank, Citigroup, Credit Suisse and JP Morgan are active managers for the operation. Goldman Sachs and Morgan Stanley are passive managers.

Enel is rated A by Standard & Poor’s, A1 by Moody’s and A by Fitch.



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