By Ed Frankl

Uniper SE said late Tuesday that it has secured additional financing valued at 10 billion euros ($11.29 billion) to protect its liquidity in potentially volatile energy markets.

The German energy company said it secured up to EUR8 billion from its parent company, Finland's Fortum Oyj, which holds more than 76% of shares in Uniper, to "ensure additional liquidity and financial flexibility in future, potentially extreme, market conditions."

Uniper also agreed to a credit facility for as much as EUR2 billion from the German state-owned development bank KfW, with a term ending on April 30, although the measure hasn't been used so far and "serves as a back-up facility in case of further extreme commodity-market developments," the company said.

The Dusseldorf-based company also has drawn down the full volume of its EUR1.8 billion credit facility from its core banks, it said.

Uniper said its structural earnings prospects aren't adversely affected by higher prices, as increased commodity prices lead to higher margin requirements for the company, and boost the value of its underlying gas and power assets.

Its products and services are currently in high demand, the company said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

January 05, 2022 01:51 ET (06:51 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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