Enel, the Italian energy utility, said on Wednesday it would raise another €4bn in the international bond markets just weeks after completing one of the largest refinancings by any company in the teeth of the global financial crisis.
The utility, one of Europe’s most indebted companies with debts of €55bn, refinanced a large chunk of its borrowings last month, raising €10bn through a mix of bond issues in euros, US dollars and sterling. Unveiling third-quarter results on Wednesday, it said the board had approved the issue of a further €4bn by the end of next year, marking another stage in Enel’s giant refinancing.
