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2009-08-21 13:09:11 CEST 2009-08-21 13:10:11 CEST REGULATED INFORMATION Eyrir Invest ehf. - Company AnnouncementEyrir Invest has reached an agreement with all owners of bond issue EYRI 07 2 regarding an extension until April 2011Eyrir Invest ehf. has reached an agreement with all owners of bond issue EYRI 07 2 regarding an extension and amendments of terms. The bonds were issued on August 20th 2007, in total 3.500 million ISK with interest payments every 3 months and a final due date on August 20th 2009. The agreement extends the final due date to April 20th 2011, when 90% of the principal will be due, with 10% due prior to that. As before Eyrir will pay interest every 3 months. Amendments of terms include a change of interest rate to 500 bps above Reibor. The bond issue will be delisted. Eyrir will still be required to provide information to the Exchange as Eyrir has another listed bond issue, EYRI 05 1, with final due date in May 2012. Árno Oddur Þórðarson, CEO of Eyrir Invest:"We are grateful for the trust from creditors. Our key holdings are in companies that are well positioned in growth markets. Eyrir has always emphasised the importance of a clear strategy and long term financing both regarding Eyrir's own operations and it's key holdings. Marel, Össur and Stork have shown their strength in a demanding economic environment. They have all managed to drive their cost base to sustainable lower levels, maintained strong cash flow and their operational outlook is good." Eyrir Invest's key holdings are a 38% share in Marel Food Systems hf., a 20% share in Össur hf. and 17% share in the Dutch industrial conglomerate Stork. Eyrir has been a shareholder in Marel and Össur since 2004 and in Stork since 2006. Eyrir´s key holdings are market leaders in their respective industries. In recent years they have built up their current strong positions and looking forward they will reap the rewards from that. Long term financing has been secured for all of them. Össur and Marel do not have any significant debt repayments until late 2011 and Stork has stable long term financing. In the coming years the companies' strong market position will enable them to deliever strong cash flow from operations. New Kaupthing Coprorate Finance advised Eyrir Invest in the transaction. |
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