Íslandsbanki funds a new cold storage facility for Eimskip

Thursday, April 9, 2015

Reykjavík, April 8th 2015. Íslandsbanki and Eimskip have signed a loan agreement for EUR 10 million for the development of a 10,000 tonne capacity cold storage facility on company premises in Hafnarfjordur. The loan is for a term of 25 years. In addition, a credit line for EUR 12 million was signed in order to support further growth.

The first phase of the new facility is expected to be ready for use next Autumn and the project finalised in the end of the year. The new facilities will allow for expansion up to 14,000 tonnes if required.

One of Eimskip's principal operations is servicing the seafood industry. With the construction of this new cold storage facility, Eimskip is supporting growing activity within the industry. Íslandsbanki's history is also interwoven with the seafood industry and the Bank operates specialist teams serving all aspects of the industry.

Íslandsbanki has previously financed major projects for Eimskip and is the company's largest creditor.

Vilhelm Már Þorsteinsson, Managing Director of Corporate Banking at Íslandsbanki:

"Íslandsbanki and Eimskip have had a successful collaboration for many years. We are very pleased with our participation in strengthening further the growth of this economically important company. We are delighted that Eimskip has chosen Íslandsbanki as its partner in this project.

 Gylfi Sigfússon, CEO of Eimskip:

"With this agreement, we celebrate having concluded a long-term project financing on favourable terms. At the same time, we are completing a particular stage in the development of the infrastructure related to the seafood industry, which is an important pillar in the company's operations."