The Chairman of IBERDROLA, Ignacio Galán, and the CEO of “la Caixa”, Juan María Nin, have signed several multi currency credit contracts worth over €400 million within the framework of the company’s operations to manage its domestic and international treasury activity.
The agreement, signed at the savings bank’s offices in Madrid, strengthens the ties between IBERDROLA and “la Caixa” in the financial sphere. As a result, “la Caixa” has bolstered its position as one of the company’s main financial partners in its activities around the globe.
These credits in the currencies in which the company operates are in addition to the current operations and guarantee lines between IBERDROLA and “la Caixa”, which enable the company to optimise its global treasury management in the various countries in which it operates.
One of IBERDROLA’s main objectives at present is to preserve and enhance its financial strength. At the end of the first quarter the company had a comfortable liquidity position (€7.8 billion) and remained in a strong financial position. Standard and Poor’s recently reaffirmed its “A” rating for the group.
Moreover, IBERDROLA has reduced its gearing ratio from 52.2% at the end of March 2009 (excluding the impact of the tariff deficit) to 45.6% and has cut adjusted net debt by €2.1 billion to €29.09 billion (€25.31 billion excluding the tariff deficit).
This communication does not constitute an offer of purchase, sale or exchange or a request for an offer of purchase, sale or exchange of values. The shares of Iberdrola S.A. cannot be offered or sold in the United States, except if this is carried out through a declaration of effective notification of what is laid out in the Securities Act or under the protection of a valid exemption of the need for notification.