Marel cash boost

Marel Food Systems has secured long-term financing for the company, worth €171m.

The company said it has repaid in full a class of bonds listed on the OMX Nasdaq Iceland, where a new class of bonds with maturity in November 2011 has been issued in the amount of ISK3.6bn, equivalent to €21m.

A club loan in the amount of €116m has now been provided by Islandsbanki, NBI and New Kaupthing Bank and a five-year loan in the amount of €34m has been provided by Glitnir.

A'rni Oddur Thordarson, Marel chairman, said: "The Icelandic banks showed their strength in joining forces in securing long-term financing for Marel Food Systems. In addition, a syndicate of Western European banks, led by Rabobank, provided our business with long-term loans in 2008, with maturity in 2016 and 2017."

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