Landsvirkjun gets $150 million three-year multi-currency revolver

By Angela McDaniels

Tacoma, Wash., July 11 – Landsvirkjun signed a new $150 million multi-currency revolving credit facility without a guarantee of collection, according to a company news release.

The revolver has a three-year tenor with two one-year extension options.

The revolver refinances Landsvirkjun’s $200 million facility signed in 2015 and due to mature in December 2020. The company said the reduced size of the new revolver reflects less need for liquidity and improvements in underlying financials.

The margin of the new revolver is linked to a sustainability incentive structure that is triggered based on Landsvirkjun’s ability to meet certain sustainability key performance indicators. Performance against the key performance indicators is assessed annually and confirmed by third-party opinion providers, according to the news release.

Barclays Bank plc and SEB were coordinators, bookrunners and lead arrangers. ING Belgium SA/NV joined the revolver as a bookrunner and lead arranger, and Arion Bank hf and BNP Paribas joined as lead arrangers.

Barclays acted as documentation agent, and SEB acted as facility agent and sustainability coordinator.

The revolver will be used for general corporate purposes.

The revolver follows the placing of a $200 million green bond in the U.S. private placement market in 2018.

Landsvirkjun is owned by the government of Iceland and is based in Reykjavik. It generates about 75% of all electricity used in Iceland from 100% renewable energy sources.

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