Hagar hf. has accepted investor bids for bonds in a new non-indexed series, HAGA 181021. The bids were received following the company's private placement on September 30th, during which Hagar rejected all bids for a non-indexed bond series. An application will be made for the new bonds to be admitted to trading on the Nasdaq Iceland Main Market within 6 months.
Total bids received amounted to a nominal value of ISK 2.5 billion at a price of 1.0. The bonds carry a fixed 4.65% non-indexed interest rate. The bond series is secured by a mortgage on Hagar's development properties. It has a 2-year maturity with a single principal repayment on October 18, 2021. Interest is paid quarterly. The settlement and delivery date for the bonds is October 18th.
With the addition of the company's indexed issuance on September 30th of ISK 5.5 billion, Hagar has now completed its planned ISK 8 billion issuance. Arctica Finance managed the transaction on behalf of Hagar.
