Business & Banking

Jun 1, 2003

Enersis Restructures

In May, Chilean power company Enersis and its subsidiary Endesa-Chile successfully restructured $2.33 billion in commercial bank debt with 32 banks. Enersis is majority-owned by the Spanish power company, Endesa. The restructuring extends maturities on existing debt through 2008. According to Fitch Ratings, the new unsecured bank facility provides a 30-month grace period, places limits on additional indebtedness and includes excess cash flow recapture provisions to reduce debt. Enersis has $1.58 billion in syndicated loans outstanding and Endesa owes a further $743 million to Banco Bilbao Vizcaya Argentaria (BBVA), Citigroup, Dresdner Kleinwort Wasserstein and Santander Central Hispano. Following the restructuring, Fitch Ratings downgraded Enersis and Endesa-Chile to BBB- from BBB+.

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