Útgerðarfélag Reykjavíkur hf. held a private auction of bills in two series on Friday, August 28, through Arctica Finance. The auction was very successful, with bids totaling ISK 3,060 million received from 15 parties. ÚR decided to accept bids for ISK 2,520 million at an average interest rate of 3.82%.
The organizers of the auction are particularly pleased with the reception, given the current uncertainty in the global economy and the fact that there has been little to no issuance of unsecured securities by operating companies in recent years.
ÚR is a strong fishing company that focuses on profitability and the sustainable use of resources. Through strategic investments in fishing quotas and solid fishing companies in Iceland and Greenland, the company has built up assets valued at approximately EUR 440 million. The company's equity ratio is generally around 50%.
"We at ÚR are extremely grateful for the great interest investors have shown in the company. The interest exceeded our expectations and demonstrates the trust the financial market has in the company. In the coming months, we will work further with these parties and others who show interest, and continue the journey that began with this auction."
