Enel Faces Higher Rate on €13.5 Billion Loan After Emission Miss
- Firm has linked loans to same emissions target as bonds
- It was forced to pay step-up penalty on $11 billion of bonds
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Enel SpA faces paying higher rates on the world’s largest sustainability-linked loan after missing an emissions target.
The failure to meet its 2023 goal has already led the Italian energy firm to pay an increased coupon on sustainability-linked bonds. It also has linked several loans to the same target, including a €13.5 billion ($14.5 billion) revolving credit facility, the largest such loan on record, according to data compiled by Bloomberg.