ING, Caja Madrid and La Caixa have joined the five initial banks in a new 2-year syndicated loan amounting to 1.704 billion euro.

ACCIONA has refinanced the debt associated with the acquisition of 3.974% of Endesa in the takeover bid it made jointly with Enel; the refinancing was more than 30% oversubscribed.

The company closed a 2-year syndicated loan with Banco Santander, BBVA, ING, La Caixa, RBS, Caja Madrid, Natixis and Calyon amounting to 1.704 billion euro which replaces the 9-month 1.691 billion euro syndicated bridge loan which matures this month. In the negotiations, ACCIONA received funding commitments amounting to over 2.2 billion euro, over 500 million euro more than it was seeking.

The new loan syndicate involves the five members of the previous syndicate (Banco Santander, BBVA, RBS, Natixis and Calyon) together with ING, Caja Madrid and La Caixa.

This transaction, which provides stability in the next few years in the structure of the debt associated with the acquisition of 25.01% of Endesa and the related costs, which have risen by 19 basis points (0.19%) to a total cost, before tax, of approximately 5.77%, including the related interest rate hedges.

Apart from this loan, the debt associated with the acquisition of Endesa is financed through two syndicated loans amounting to 1.429 and 5.678 billion euro, which mature in 2012, and with credit lines.

At the end of the first quarter, ACCIONA's total debt amounted to 18.743 billion euro, of which 5.446 billion euro was contributed by Endesa, 9.129 billion euro was debt associated with the Endesa acquisition, and 4.167 billion euro was debt of ACCIONA's other divisions.