Landsvirkjun, the National Power Company of Iceland has signed a new US$200 million multi-currency revolving credit facility on 22 December 2015.
The Facility has a 3-year tenor with two (1-year) extension options and refinances its US$200 million 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, Citigroup Global Markets Limited, Íslandsbanki hf. and Merchant Banking, Skandinaviska Enskilda Banken AB 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.