Íslandsbanki extends an ISK 3.5bn loan to national power company Landsvirkjun
Íslandsbanki acted as the lead arranger in a syndicated loan to Icelandic electricity company Landsvirkjun in the amount of ISK 10.5bn (USD 86m). The loan is a three year revolving credit facility with a 3+1+1 feature which means it can be extended up to five years. Arion banki and Landsbankinn are participants in the club loan and each of the three banks have an equal share of ISK 3.5bn.
Landsvirkjun is an energy company owned by the Icelandic State. The company produces electricity from renewable hydro and geothermal sources. Landsvirkjun produces 75% of all electricity in Iceland and is the country's biggest electricity generator.