Italian utility Enel SpA (ENEL.MI) will launch a hybrid bond for up to 2 billion euros ($2.57 billion) before the summer, Chief Executive Fulvio Conti said Thursday.

Speaking at the annual meeting of the Italian business lobby Confindustria, Mr. Conti said the company is preparing for the operation, without adding any further details.

The bond is part of a hybrid financing that the company's board approved earlier in May, worth up to EUR5 billion and to be sold by 2015.

Enel has spent the last few years focusing on servicing a huge debt pile amassed after its 2007 takeover of Spanish rival Endesa SA (ELE.MC). At the same time, it has been grappling with lower demand for electricity due to the continent's economic slowdown, which has particularly hit Italy and Spain .
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