AIB will arrange a #300 million loan facility for the ESB with two other banks, BNP Paribas and the Royal Bank of Scotland.

The seven-year revolving credit arrangement will carry an interest rate of 0.275 per cent above the London Interbank Rate per annum for the first three years, 0.3 per cent above Libor in years four and five and 0.325 per cent in years six and seven.