Landsvirkun's financing for 2006 nearly complete

17. July 2006

The period of the loan is 20 years, and the bond terms call for Euribor +0.09%. The institution administering the issue is the French IXIS, and the investor is European.

Along with this deal, a 10-year bond issue is currently being concluded that is to the amount of 50 million euros, or around ISK 4.8 billion. The terms correspond to previously issued standards. The administering institution is Scandinavian, with the bond also being issued under Landsvirkjun's EMTN framework agreement.

Counting these issues, the year's financing is nearly complete, but financing amounting to ISK 1.6 billion still remains, since the company's total requirement for the year is ISK 45 billion. The year's financing has nevertheless gone well: the company's terms have been consistent with its goals, and most financing has been achieved on the European market.

Besides the capital raised this year, Landsvirkjun has access to a revolving credit facility in the amount of USD 400 million. Taken at the end of 2005, this credit facility is intended further to boost company liquidity.

For further information contact Hulda Pjetursdóttir, Head of Funding, by phoning +354 515 9233.

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