Reykjavik, 2012-06-01 18:17 CEST (GLOBE NEWSWIRE) --
Orkuveita Reykjavikur (OR - Reykjavik Energy) and DePfa Bank plc have reached
an agreement on changes to amortizations of a EUR 30 million loan, which had a
single due date in year 2016. According to the agreement, which is subject to
the approval of OR's owners, payments are postponed to years 2023-2025. It
follows a similar agreement OR made with Dexia Crédit Local, announced May 24th
2012. Both serve the purpose of strengthening the financing plan OR and its
owners approved in March 2011, and assumes that OR's accumulated cash flow
improves by ISK 50 billion in years 2011 through 2016.
Bjarni Bjarnason, CEO of Orkuveita Reykjavikur: In recent weeks and months, OR's credibility among financiers has improved. The agreements with Dexia and Depfa bear witness to that. To build upon the trust already established, we must continue to vigorously implement the ambitious financing plan the company and its owners agreed upon.
Contact: Bjarni Bjarnason CEO +354 516 7707
Bjarni Bjarnason, CEO of Orkuveita Reykjavikur: In recent weeks and months, OR's credibility among financiers has improved. The agreements with Dexia and Depfa bear witness to that. To build upon the trust already established, we must continue to vigorously implement the ambitious financing plan the company and its owners agreed upon.
Contact: Bjarni Bjarnason CEO +354 516 7707
© 2012 GlobeNewswire
