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Spanish electric utility Iberdrola SA (BME:IBE) has secured its largest ever loan by refinancing EUR 5.3 billion (USD 5.82bn) in existing credit into one facility following an agreement with 33 international banks, an announcement said on Thursday.
The company secured a fresh multi-currency facility at competitive interest rates, similar to those agreed in 2019, it said. The interest rates are linked to Iberdrola’s progress on two key environmental, social, and corporate governance (ESG) objectives — reducing scope 1, 2 and 3 carbon emissions and increasing the number of women in leadership positions.
The maturity is set at five years from now, with a possibility for an extension for two additional years. The new loan will enable Iberdrola to maintain optimal liquidity, which stood at EUR 20.2 billion at the end of the third quarter.
BBVA served as global coordinator and agent bank in the refinancing. The sustainability coordinators were BBVA, Santander and Credit Agricole.
Iberdrola says that 96% of its credit lines are sustainability-focused, aligned with UN Sustainable Development Goals, and that almost EUR 20 billion of its outstanding bonds are green.
(EUR 1.0 = USD 1.098)
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