Annual Report 2010 - Enel.com

issue of bonds for retail investors by Enel SpA, of which:
- €1,484 million related to the tranche maturing in
2012;
- €1,042 million related to the tranche maturing in
2014;
- €474 million related to the tranche maturing in 2016;
> €2,000 million in respect of a syndicated credit line
negotiated by Endesa in 2009 and maturing in 2011,
which was repaid early;
> €500 million in respect of the 5-year €5 billion revolving
credit facility obtained in November 2005 and extinguished
early in April;
> €1,913 million in respect of the early repayment of the
Endesa revolving credit line;
> €834 million related to other bank loans of Group companies
maturing in 2010.
The main financing contracts finalized in 2010 included:
> on March 26, 2010, OGK-5 signed a loan contract with
the European Investment Bank for €250 million, falling
due in 15 years;
> on April 19, 2010, Enel agreed a 5-year revolving credit
facility for €10 billion to replace in part a €5 billion revolving
credit facility that would have expired in November
2010. The new credit line can be used by Enel
and by Enel Finance International SA (with Enel SpA
guarantee) and gives the Group a highly flexible instrument
for its treasury operations, to be used in managing
working capital;
> on June 3, 2010, Enel Finance International renewed
its commercial paper program, which is guaranteed by
Enel SpA, increasing its amount from €4 billion to €6
billion;
> on December 9, 2010, Enel Green Power SpA signed a
loan contract with the European Investment Bank for
€440 million, falling due in 2030;
> in December 2010, Endesa obtained bilateral revolving
credit lines totaling €1,075 million, falling due in 2016.
In addition, the reclassification to liabilities held for sale
mainly includes the long-term debt of Enel Maritza East
3 and Enel Unión Fenosa Renovables, for a total of €415
million.
212 Enel Annual Report 2010 Consolidated financial statements
The main financing transactions in 2010 include:
> the issue on February 26, 2010, by Enel SpA of a pan-
European multi-tranche bond for retail investors totaling
€3,000 million, with the following characteristics:
- €2,000 million fixed-rate 3.5% bond maturing on
February 26, 2016;
- €1,000 million floating-rate bond maturing on February
26, 2016;
> bonds issued locally by the Enersis Group totaling €125
million;
> an increase in drawings by Endesa on committed revolving
credit facilities in the amount of €1,551 million;
> the use by Enel Green Power of a subsidized loan by
Simest to finance the Palo Viejo project in Guatemala in
the amount of €44 million;
> the use by OGK-5 of bank loans issued by Community
bodies in the amount of €64 million;
> the use by Enel Green Power of a loan from the European
Investment Bank in the amount of €300 million.
The following table compares the carrying amount and
the fair value of long-term debt, including the portion
falling due within twelve months, broken down by category.
For listed debt instruments, the fair value is given
by official prices. For unlisted instruments the fair value
is determined using appropriate valuation models for
each category of financial instrument and market data
at the closing date of the year, including Enel SpA’s credit
spreads.