Elia Transmission Belgium secures commercial paper programme for €700 million

Elia Transmission Belgium (ETB), operator of the Belgian extra-high and high-voltage grid, has increased the amount of its commercial paper (CP) programme to a maximum aggregate amount of €700 million (from €300 million). This programme will provide the company with a flexible and cost-effective instrument to address the short-term liquidity needs.

The commercial paper programme allows ETB to further diversify its funding, complementing existing financing instruments such as green bonds, green credit facility provided by the European Investment Bank and revolving credit facilities. It is intended to serve as a short-term instrument when interim financing for less than one year is required without having to rely on long term financing or credit facilities with higher costs.

Supported by a strong credit rating profile, underscored by S&P’s long-term rating of BBB+ (stable outlook) and short-term rating of A-2, ETB is well positioned to secure favorable terms in the capital markets, thereby supporting the efficient execution of its investment programme. The programme itself received an S&P short-term rating of A-2 and carries the STEP (Short-Term European Paper) label – an initiative of the European Money Markets Institute (EMMI) promoting transparency and high-quality information standards in the European CP market.

The dealer banks for the commercial paper programme are Belfius, BNP Paribas Fortis, ING Belgium, KBC, NatWest and Rabobank. KBC is the paying agent. The arranger of the commercial paper programme is NatWest.