Italian power company Enel has signed a five-year revolving credit facility worth €9.4bn.

It will replace an unused existing facility of €10bn upon its expiry in April 2015.

Enel confirms that a “large group of banks” took part in the transaction, including Mediobanca (documentation agent). However neither Enel nor Mediobanca were able to provide any further detail on the syndicate’s structure when contacted by GTR.

The pricing of the revolver is tied to Enel’s credit rating. Currently, it is priced at Euribor plus 170 basis points with commitment fees of 40% on the applicable margin.

The finance can be used by Enel or its Dutch subsidiary Enel Finance International for working capital purposes.