The €1.25bn debt package supporting the acquisition of Enel Rete Gas will not see any further syndication. JPMorgan and Intesa Sanpaolo arranged the loan and have already sold the facility down to a dozen banks.
The all-senior infrastructure style facility is split between a €800m term loan, €150m capex facility and a €75m revolver and was sold to a good mix of Italian and international banks.
Bankers were said to be pleased with the final result and put the success of the deal down to a mix of good pricing, a decent underlying asset and Enel’s relationship pull.
The deal also bodes well for BAA’s ongoing sale of Gatwick Airport in the UK, which will also need the backing of the loan market. Manchester Airports Group is favourite to take the asset, though BAA is now seeking a review of sale requirements from the regulator.
Enel is selling an 80% stake of its gas distribution network to a consortium of investment fund F2i and AXA Private Equity for €480m. The acquisition is expected to be completed by the summer and will see F2i holding 75% of the vehicle with AXA holding the remainder. For Enel, including deconsolidated debt, the deal will reduce its net debt by more than €1.2bn.