The Facility has a 3+1+1 feature which means that the maturity can be extended up to five years.
The Facility was led by Barclays Capital (the investment banking division of Barclays Bank PLC), Citi and SEB as Mandated Lead Arrangers and Bookrunners. Banks joining the Facility include Arion Banki and J.P. Morgan, as Mandated Lead Arrangers and Landsbankinn, UBS and Islandsbanki as Lead Arrangers.
The new Facility was oversubscribed in syndication and the final Facility size was increased from its original launch amount.
This represents the first syndicated Facility of an Icelandic State owned entity since the financial crisis of 2008. Landsvirkjun is an energy company owned by the Icelandic State. The company produces electricity from renewable hydro and geothermal sources. Landsvirkjun produces 75% 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.