Iberdrola Said to Seek Lower Borrowing Costs on $4 Billion Loan
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Iberdrola SA, the Spanish utility facing declining revenues in its domestic market, is seeking to reduce borrowing costs under a 3 billion-euro ($4 billion) loan pact signed in 2011, according to two people with knowledge of the matter.
Iberdola is asking lenders to increase a 1.5 billion-euro credit line and reduce the amount allocated to them in a more expensive 1.5 billion-euro term loan portion of the financing, said the people, who asked not to be identified because the information is private. The Bilbao, Spain-based company is offering to pay a 0.25 percent fee to lenders on any commitments they transfer, they said.