Heimavellir completes refinancing with foreign parties
A US Investment Fund invests in Heimavellir for ISK 300 million. Fossar Markets serves as advisory partner.
The housing rental company Heimavellir has completed refinancing ISK 3 billion ($ 29.6M, € 24.3M) from a US investment fund, with Fossar Markets serving as an advisory partner. The loan agreement is an important step for Heimavellir, which is in the process of complete refinancing.
Furthermore, the US investment fund has also bought shares in Heimavellir for ISK 300 million ($ 2.9M, € 2.4M). Heimavellir is scheduled for listing on the Nasdaq Iceland Stock Exchange (ICEX) within few weeks. The company’s initial public offering (IPO) is set for the beginning of May, and its shares subsequently admitted to trading on ICEX. The IPO’s Prospectus has already been published and presentations for potential investors are currently under way.
Guðbrandur Sigurðsson, Managing Director of Heimavellir:
“The trust that Heimavellir’s foreign partners show in both the company’s operations and in the vision presented in anticipation of it’s listing on ICEX is very important to us. This trust is reflected in our foreign partners willingness to participate in the company’s long term funding, while at the same time becoming shareholders by direct investment in the company. The Prospectus for the stock auction is currently available to all potential shareholders, in time for the IPO on May 7th and 8th. The aim is for Heimavellir, the largest rental company of its kind in Iceland, to have a diversified ownership and to become a good addition to the group of listed companies on ICEX, giving investors the opportunity to further diversify risk in their portfolios.”
Haraldur Þórðarson, CEO of Fossar Markets:
“Fossar Markets, with its expertise and strong network, has been instrumental in facilitating foreign investor participation in the Icelandic market. The involvement of foreign parties in the operations of Heimavellir, with a loan agreement and investments in the company, portrays the confidence they have in the company and, the same time, in the Icelandic economy. We believe that having a diverse group of investors present in the Icelandic economy is helpful for those managing domestic companies, that it increases the level of experience and contributes to diversifying risk in the economy.”
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