Edison: five-year financing of up to €1.25 billion
Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Edison Returns to the International Syndicated Loans Market. This transaction significantly lowers the cost of funds and lengthens the average maturity of the outstanding debt.
Milan, April 07, 2004 - Edison today completed negotiations for a five-year senior unsecured line of credit in the amount of €1,000 million provided by a bank syndicate that includes: Banca Intesa, BNP Paribas, Citicorp, Crédit Agricole Indosuez, HSBC Bank, Mediobanca, Société Générale, The Royal Bank of Scotland and Unicredit Banca Mobiliare. In the next few weeks will be launched syndication for an additional amount of €250 million in order to bring the total financing of up to € 1,250 million. This credit line will enable Edison to replace a portion of its short-term borrowings with long-term debt while at the same time securing terms that are consistent with those available to prime borrowers in the corporate financing market. This transaction is part of a plan to restructure the Company’s indebtedness in a manner that, in light of its regained financial strength, will significantly lower the cost of funds and lengthen the average maturity of the outstanding debt while providing Edison with the support it needs to implement its industrial development plan.
Notice of Stockholders’ Meeting
As already communicated to the financial markets, the Board of Directors has convened a Stockholders’ Meeting for April 28 and 29, 2004, on the first or second calling, respectively, to approve the 2003 Annual Report, elect new Directors and approve amendments to the Company’s Bylaws.