The Icelandic power company Landsvirkjun has today agreed to buy back in full a bond of a nominal amount of 50 million euros, equivalent to about 61 million USD. The bond has a state guarantee of collection, the maturity date is 19 March 2020 and it carries a fixed interest rate of 5.6%. The buyback reflects Landsvirkjun‘s strong financial position and is a part of reducing the company‘s debt, interest expenses and foreign exchange risk. Due to this early redemption, Landsvirkjun will incur a one off extraordinary cost of about 5.6 million euros, equivalent to about 6.9 million USD, in interest expenses in the second quarter of 2018.
Landsvirkjun
Landsvirkjun is owned by the Icelandic state and is the country’s largest electricity generator. The company generates around 70% of all electricity used in Iceland with 100% renewable energy sources.
Reykjavik, Iceland, 23 April 2018
For further information please contact Rafnar Larusson, CFO at +354 515 9000 or by email: rafnar.larusson@landsvirkjun.is