Enel Faces Higher Rate on €13.5 Billion Loan After Emission Miss [Financial Post (Toronto, Ontario, Canada)]
ENEL SPA UNSP/ADR (ENLAY)
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Enel SpA faces paying higher rates on the world's largest sustainability-linked loan after missing an emissions target. The failure to meet its 2023 goal has already led the Italian energy firm to pay an increased coupon on sustainability-linked bonds. It also has linked several loans to the same target, including a €13.5 billion ($14.5 billion) revolving credit facility, the largest such loan on record, according to data compiled by Bloomberg. Article content Article content That means it will have to pay a step-up in rates on the loans as well. It's the first sustainability-linked loan known to face such a penalty trigger, in a largely opaque market. While its exposure to the loans is even bigger than for its $11 billion of relevant bonds, the financial penalty is smaller. It will be just a five basis points step-up, instead of 25 basis points on the bonds, accordin
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