News

Promens signs new 5-year Revolving Credit Facility

Promens has signed a 5-year Revolving Credit Facility totalling EUR 170 million. Arrangers and bookrunners are DnB NOR and Nordea.

In tandem with this facility, agreement was also reached on another EUR 6 million credit facility with Promens’ key bank in Iceland, Landsbankinn, to replace similar Facilities maturing in December 2011 and February 2012.

“We have made good progress towards strengthening our operations in the past year” says Jakob Sigurðsson CEO of Promens. “We have seen great turnaround since the recession in 2008 and 2009, and 2011 has been a good year for us. These Credit Facilities, as well as the Enterprice Investment Fund purchasing 49,5% of our shares in September, clearly illustrates the positive expectations the financial and investment community has for Promens. These milestones are particularly pleasing in light of the turbulence currently shaking financial markets” says Jakob.