Portuguese power group EDP take on loan from Bank of China

24 October 2012

Portuguese power company Energias de Portugal (EDP) has taken on a loan of 800 million euros from the Bank of China, according to a company filing with Portuguese stock market regulator, CMVM.

The statement said that the multi-currency loan was taken on by the EDP group and by EDP Finance BV and had three-year maturity and an interest rate of 3.50 percentage points above the three-month London Interbank Offered Rate (Libor).

The loan, the group said, is intended to fund the company’s day-to-day funding needs.

EDP Finance BV, which was founded in Amsterdam in 1999, is a subsidiary of Energias de Portugal and its business is focused on securing funding for the group.

Following a privatisation process, the China Three Gorges group became EDP’s main shareholder with a stake of 21.35 percent. (macauhub)