Útgerðarfélag Reykjavíkur (ÚR) has completed a 7,040 million ISK unsecured bond offering. The bonds were sold to domestic professional investors, and the transaction is scheduled to settle on November 15, subject to customary closing conditions.
Two bond series will be issued: UR 151124, a three-year non-indexed bond totaling 1,360 million ISK with a 5.3% yield, and UR 151128, a seven-year inflation-linked bond totaling 5,680 million ISK with a 2.5% yield. The company will proceed with listing the bond series on the Nasdaq Iceland Main Market.
ÚR is a seafood company focused on profitability and the sustainable use of resources. Through strategic investments in fishing quotas and robust seafood companies, the firm has built assets valued at approximately 430 million euros.
The company maintains a strong equity ratio of approximately 57 percent. Its operations are currently threefold: First, ÚR is a traditional Icelandic seafood company specializing in freezer trawler operations. Second, the company is the largest shareholder in Brim, the other publicly traded seafood company in Iceland. Third, the company focuses on innovation and product development in the seafood sector through its subsidiary, ÚR Innovation. The purpose of this bond issuance is to strengthen and secure the company's future financing.
We at ÚR are extremely proud and pleased with the reception of this bond issuance among professional investors. The response demonstrates that investors have strong confidence in the company's operations and that the domestic financial market believes in the Icelandic seafood industry, as well as in the staff, management, board, and ownership of ÚR.
Arctica Finance is managing the sale and listing of the bonds on behalf of Útgerðarfélag Reykjavíkur.
