innogy’s new credit line completes fully independent funding access
- Stand-alone syndicated credit line of €2 billion
- International bank consortium as partner
- innogy’s funding structure now completely independent from RWE
innogy has achieved the last step to complete its independent funding structure and to release the link to RWE’s credit line. On 6 October 2017, innogy signed a stand-alone credit agreement of €2 billion. The syndicated credit line has been provided by an international consortium consisting of 22 banks.
Bernhard Günther, Chief Financial Officer of innogy SE, says: "This transaction constitutes an important milestone for innogy. On the one hand it shows the confidence of our banking partners in a long-term cooperation. On the other hand we are now fully financially independent from RWE."
The initial term of the credit line is five years (until 2022), with two renewal options after the first and second year and an increase option allowing innogy to access a further €1 billion upon request. The new credit line replaces the existing participation in RWE´s credit line, which was terminated at the same time.