Orkuveita Reykjavíkur - Company Announcement

Reykjavik Energy and Dexia Credit Local agree on amended repayment schedule

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.