10 June 2021

Iceland Seafood International hf completes a private placement of 4 years unsecured bond

Iceland Seafood has concluded a private placement of 4 years unsecured bond in the new series ICESEA 25 06.

Total amount of the placement is ISK 3.400 million (approx. €23.1m) at a fixed rate of 5.65%. The bond has semiannually interest payments, balance will be paid in one installment at 21.6.2025. The bond is scheduled to be admitted to trading on Nasdaq Iceland in the coming weeks.

Since the listing of Iceland Seafood’s shares on the Nasdaq main market in 2019, the company has actively used the capital market for supporting both organic and acquisitive growth.  The company has raised new capital both in the form of equity and debts.  Important step was taken with issuance of 6 months bills, which started in September 2019. This bond issuance is another important step where the company has secured a long term unsecured funding which will support Iceland Seafood’s growth plans and positively impact the company’s cost of capital.

Arion bank advised Iceland Seafood International on the matter. The issue marks a milestone for the Icelandic capital market as it is the frst unsecured corporate bond issue in many years. The bank is confident that Iceland Seafood's relationship with the Icelandic capital market will continue to grow stronger and more companies will follow suit, leading to more diverse corporate debt market. 

Further information:

Iceland Seafood International hf

Bjarni Ármannsson CEO, bjarni.armannsson@icelandseafood.com

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