Red Eléctrica de España has today formalised a new line of credit for an amount of 600 million euros over a five-year term.

This operation strengthens the company’s sound liquidity position, making it possible to guarantee the refinancing of the current syndicated credit line with a maturity date of July 2012.

The main financial entities that operate in Spain, both national and international, have participated in the credit operation, which clearly indicates the strong backing shown by the financial community for Red Eléctrica de España. The thirteen participants are: BBVA, Barclays Capital, BofAML, CaixaBank, Citibank, Commerzbank, BNP Paribas, ING Belgium, J.P. Morgan, Royal Bank of Canada, Bank of Tokyo-Mitsubishi, BBK and Santander, being BBVA the agent bank.

The new credit will have a margin of 0.65% over Euribor which, in the event of its full utilisation, could be increased to 1.00%.