Reykjavík, 2016-06-07 11:48 CEST (GLOBE NEWSWIRE) -- Orkuveita Reykjavíkur's (OR; Reykjavík Energy) Board of Directors has decided to enter into a loan agreement with the European Investment Bank to the amount of EUR 70 million. Terms are very favourable and the financing is in accordance with OR‘s Budget.
OR‘s finances have strengthened considerably in recent years. Rationalization and other measures in operations have given OR access to financing investments and improved cash position in foreign currencies at favourable rates. The loan, which has a term of 15 years, will be drawn on in the next three years.
In accordance with OR’s risk policy, OR recently issued bonds in ISK.
The BoD‘s decision is subject to owners’ approval.
Contact:
Mr. Ingvar Stefánsson
CFO
+354 516 6100