Reykjavik, 2015-03-09 14:37 CET (GLOBE NEWSWIRE) -- Orkuveita Reykjavikur (Reykjavik Energy, RE) and Dexia Credit Local have reached an agreement on amended repayment schedule on all outstanding debt to the bank.

The rescheduling purpose is to further smoothen out the amortization schedule of the loan portfolio by postponing EUR 33.3 million which was due in October this year while shortening the amortization schedule of loans with longer maturity. Weighted average life of the portfolio with Dexia is insignificantly changed and pricing on interest spread remains unchanged.

The agreement further solidifies Reykjavik Energy’s finances, which have been steadily improved through rationalization in operations and enhanced risk management.

Reykjavik Energy’s Board of Directors has approved the agreement pending owners’ approval.