ESB raises €2.5bn credit from banks

Dublin: The ESB said it raised credit facilities of about €2.5 billion from a group of 15 banks.

The borrowings include a term loan of £810 million to partly fund the proposed acquisition of Northern Irish Energy, and two revolving credit facilities for four and five years totalling €1.5bn. Money in a revolving credit can be borrowed again once it’s been repaid; in a term loan it can’t.

ESB agreed on July 7 to buy NIE Group from Viridian Group Holdings Ltd for £1.03bn.