E.ON has signed a new €3.5 billion syndicated credit facility with a term of five years and two options to extend the maturity by one year each. In addition, the volume can be increased by up to €0.75 billion during the lifetime of the facility. With the new facility, E.ON pushes ahead with the financial integration of innogy SE: the facility replaces the two previously existing syndicated credit facilities of €2.75 billion of E.ON SE and €2 billion of innogy SE.
Moreover, with the new facility, E.ON continues to emphasize its sustainability strategy and consistent efforts for a climate-friendly development of the energy world: by linking the credit margin to the performance of certain ESG ratings, E.ON sets itself financial incentives to pursue a sustainable corporate strategy. These ESG ratings are determined by three well-established agencies: ISS ESG, MSCI ESG Research, and Sustainalytics.
The transaction
The transaction was placed with a group of 21 banks from the existing banking group of E.ON and innogy. All invited banks accepted the offer and syndication was thus significantly oversubscribed. Commerzbank and UniCredit were mandated as coordinators.
“With the early refinancing, we are making further progress with centralizing financing activities of E.ON and innogy in the new E.ON. Following the green bonds issuance, we are proud to again prove our commitment to a sustainable corporate strategy by this credit facility with an ESG feature. The fact that all invited banks participated in the financing underlines the strong interest in working together with the new E.ON," said Marc Spieker, CFO of E.ON SE.