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2010-09-20 10:35:33 CEST 2010-09-20 10:36:31 CEST REGLERAD INFORMATION Landsvirkjun - Company AnnouncementLandsvirkjun issues bonds for USD 100 millionLandsvirkjun today signed an agreement for a bond issue of USD 100 million. The bonds are for a term of five years and carry 6.5% fixed interest. Deutsche Bank arranged the issue and the buyers are foreign investors. This issue marks a watershed for Landsvirkjun as it is the company's first sale of a bond issue to foreign investors since the bank crash in 2008. Hörður Arnarson, Landsvirkjun's CEO says the issue is very positive for the company: “This bond issue is very positive for Landsvirkjun as it further secures the company's liquidity. The conditions of the bond are also, in the light of tough market conditions, very satisfactory for the company. The issue also reflects trust in the company among foreign parties and seems to indicate that access to foreign capital is becoming easier,” says Mr. Arnarson. The company now has at its disposal USD 450 million to meet its commitments in the coming years. With this measure Landsvirkjun has solved a significant part of its need for recapitalisation for the years 2012 and 2013. |
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