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Alterra Power Negotiating Final Settlement of Icelandic Bond
Jul. 13, 2017 09:30AM PST
Cleantech InvestingAlterra Power (TSX:AXY) has announced that its subsidiary, Magma Energy Sweden, is in the process of negotiating a final settlement of its $71.3 million non-recourse bond, which matures on July 16, 2017. As quoted in the press release: The collateral under the bond will be delivered to the bondholder (formerly the municipality of Reykjanesbær), a …
Alterra Power (TSX:AXY) has announced that its subsidiary, Magma Energy Sweden, is in the process of negotiating a final settlement of its $71.3 million non-recourse bond, which matures on July 16, 2017.
As quoted in the press release:
The collateral under the bond will be delivered to the bondholder (formerly the municipality of Reykjanesbær), a consortium of Icelandic pension funds (Fagfjárfestasjóðurinn ORK) and consists solely of shares of Alterra’s Icelandic subsidiary, HS Orka hf comprising a 12.7% ownership stake. Once delivered, Alterra’s ownership stake in HS Orka hf will reduce accordingly to 53.9%, and Alterra, through Magma Energy Sweden, will continue managing HS Orka hf and consolidating its financial results.
