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2013-12-23 09:49:24 CET 2013-12-23 09:50:25 CET REGULATED INFORMATION Landsbankinn hf. - Company AnnouncementLandsbankinn makes an optional and partial early redemption of bondsLandsbankinn hf. will today make an optional and partial early redemption of the secured bonds outstanding to LBI hf. The prepayment will be made in foreign currencies and is equivalent to approximately ISK 50 billion. The prepayment will reduce, on a pro-rata basis, maturities of the bonds arising between 2014 and 2018. The first regular repayment of the bonds is in January 2014 and the final repayment date in October 2018. The Bank's liquidity position in foreign currencies has enabled the Bank to reduce its foreign currency debt faster than contractual provisions require. The Bank's financing cost will be lower as a result of the prepayment and the amount of pledged assets on the Bank's balance sheet will be reduced significantly. After making the prepayment, the Bank continues to maintain a strong liquidity position, in full compliance with new liquidity requirements of the Central Bank. The Bank continues to face a refinancing requirement ahead of 2016 bond maturites and, further to the announcement on 3 October 2013, the Bank remains in discussions with LBI hf. regarding amendments to the terms of the bonds, including an extension of maturities. For further information: Kristján Kristjánsson, pr@landsbankinn.is, tel: +354 899 9352 or +354 410 4011 |
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