Icelandic electricity company, Landsvirkjun, signed a three year Revolving Credit Facility amounting to 10.5 billion Icelandic kronur (USD 86 million). The Facility has a 3+1+1 feature which means that the maturity can be extended up to five years.
The Facility was led and arranged by Arion banki, Íslandsbanki and Landsbanki.
The Revolving Credit Facility is an addition to another Revolving Credit Facility amounting to USD 200m, announced on December 27, 2011. The purpose of these Facilities is to give Landsvirkjun access to liquidity, without notice, if other conventional funding sources shut down temporarily. With these Facilities, Landsvirkjun has secured funding of approx. USD 286 million for up to five years.
Landsvirkjun is an energy company owned by the Icelandic State. The company produces electricity from renewable hydro and geothermal sources. Landsvirkjun produces 75% of all electricity in Iceland and is the country's biggest electric generator. The company is also a leader in sustainable energy generation and encourages transparency, innovation and technological development.
Reykjavik, December 30, 2011
For further information please contact Rafnar Larusson, CFO
at +354 515 9010 or by email: rafnar@lv.is