Uniper signed credit facilities with an international consortium of renowned banks including JPMorgan, Deutsche Bank and UniCredit to secure €5 billion ($5.67 billion) to support its spin-off from EON.

The financing comprises of two tranches: a term loan of €2.5 billion ($2.83 billion) with a maturity of three years, and a revolving credit facility of another €2.5 billion ($2.83 billion) with an initial maturity of three years, where the latter includes two options to extend the facility by one additional year with the consent of the banks.

Uniper will syndicate the credit facilities to its core relationship banking group in the coming weeks.

Christopher Delbrück, CFO of Uniper commented, “With this bank financing totaling €5 billion, we have today firmly secured the stand-alone financing of the Uniper Group for the long term. We are pleased to have reached this milestone with a team of renowned banks.” Germany-based Uniper, is a wholly owned subsidiary of EON and began operating on January 1, 2016. EON intends to spin off a majority stake in Uniper in the second half of 2016. Uniper delivers bespoke, competitively priced energy products and services.