Terna becomes even greener. The company that manages the national electricity transmission grid has signed a credit line linked to ethical indexes for an amount of 900 million euros with a pool of banks made up of Banca IMI, Banco Bpm , Bnp Paribas and Unicredit as joint mandated lead arrangers.
“The transaction – explained the company in a note – allows Terna to be able to count on adequate liquidity at the current rating level and confirms the group's strong commitment to the introduction of a model aimed at consolidating sustainability as a strategic lever for the creation of value for all its stakeholders”.
The interest rate is indexed to the Euribor plus an initial margin of 0,65%, variable between a minimum of 0,6% and a maximum of 1,45% depending on Terna's rating. The duration will be 5 years.
At the same time, the company canceled a 750 million euro credit line expiring on December 11, 2019.
After the good result obtained from the first green bond issued in July, this new revolving credit facility, the first operation of this type for the group led by Luigi Ferraris, provides for a bonus/penalty mechanism linked to the achievement of specific environmental, social and of governance, and the amount available will be usable for ordinary management needs.
