Orkuveita Reykjavíkur - Company Announcement

Orkuveita Reykjavikur Reaches Agreement with DePfa Bank

Reykjavik, 2012-06-01 18:17 CEST (GLOBE NEWSWIRE) -- Orkuveita Reykjavikur (OR
- Reykjavik Energy) and DePfa Bank plc have reached an agreement on changes to
amortizations of a EUR 30 million loan, which had a single due date in year
2016. According to the agreement, which is subject to the approval of OR's
owners, payments are postponed to years 2023-2025. It follows a similar
agreement OR made with Dexia Crédit Local, announced May 24th 2012. Both serve
the purpose of strengthening the financing plan OR and its owners approved in
March 2011, and assumes that OR's accumulated cash flow improves by ISK 50
billion in years 2011 through 2016. 

Bjarni Bjarnason, CEO of Orkuveita Reykjavikur:
In recent weeks and months, OR‘s credibility among financiers has improved. The
agreements with Dexia and Depfa bear witness to that. To build upon the trust
already established, we must continue to vigorously implement the ambitious
financing plan the company and its owners agreed upon. 


         Contact:
         Bjarni Bjarnason
         CEO
         +354 516 7707