Landsvirkjun signs a new USD 200m Revolving Credit Facility
Landsvirkjun (The National Power Company) has signed a new USD 200m multi-currency revolving credit facility (the “Facility”) on 22 December 2015. The Facility has a 3-year tenor with two (1-year) extension options and refinances its USD 200m facility which was signed in 2011 and had a maturity of December 2016. The Facility will be used for general corporate purposes.
The Facility is provided by Landsvirkjun’s core relationship banks and was led by Barclays Bank PLC (“Barclays”), Citigroup Global Markets Limited (“Citi”), Íslandsbanki hf. (“Islandsbanki”) and Merchant Banking, Skandinaviska Enskilda Banken AB (publ) (“SEB”) as Coordinators and Bookrunners. Arion Bank hf, ING Bank Belgium SA/NV and J.P. Morgan joined the Facility as Mandated Lead Arrangers.
Landsvirkjun is an energy company owned by the Icelandic State. The company produces electricity from renewable hydro and geothermal sources. Landsvirkjun produces about 70% of all electricity in Iceland and is the country's biggest electric generator. The company is also a leader in sustainable energy generation and encourages transparency, innovation and technological development.