Sigvaldi Fannar Jónsson
Practice area
- Banking and Financing
- Commercial and Company Law
- Mergers & Acquisitions
- Bankruptcy and Insolvency
- Capital Markets
Education
- Admitted in Iceland 2019
- University of Iceland, Mag. Jur., 2017
- Columbia University, 2016
- University of Iceland, B.A., 2014
LANGUAGES
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Recent cases
Financial restructuring of a project finance facilities agreement relating to PCC BakkiSilicon hf.
BBA//Fjeldco provided legal advice to KfW-IPEX BANK GmbH (Specialist financier for the German and European export industry and project finance) in the financial restructuring of (up to) USD 194M project finance facilities agreement relating to PCC BakkiSilicon hf., a state of the art silicon metal plant in Iceland that is 100% operated with renewable energy (hydro- and geothermal power), providing silicon metal to the chemical industry and in the production of high-strength aluminium alloys for the automotive industry. The restructuring involved inter alia that the creditors of PCC BakkiSilicon hf. converted part of their loans into equity subject to new funds from PCC BakkiSilicon hf. being injected. Apart from being a large complex and international financial restructuring, KfW IPEX Bank GmbH will convert part of its senior debt into an Icelandic law non-call perpetual subordinated securities (hybrid bond) which has not been done in Iceland before to the best of our knowledge.
BBA//Fjeldco provided legal advice to DineOut in relation to SaltPays´s investment in the company
The software company DineOut recently secured funding from SaltPay with SaltPay becoming a shareholder in the company. The company offers restaurant and food ordering systems, checkout systems, website creations and automatic payments with QR codes. DineOut is planning to use the funding to strengthen its position in Iceland and expand its services outside of Iceland.
Trading has now commenced with shares of Íslandsbanki hf. following a successful IPO
BBA//Fjeldco advised Icelandic State Financial Investments (ISFI) and Íslandsbanki hf. relation to the IPO, which is the largest IPO in history of Iceland and the largest European bank IPO since 2018.
Takeover bid of all shares, issued by Skeljungur hf.
BBA//Fjeldco gave advice to the structure and timing of the takeover bid, granted advice with regards to regulatory and competition matters, as well advising to the capital structure of Strengur hf. (Bidco). Furthermore BBA//Fjeldco held negotiations and covered documentation with financing parties.
Merger between TM hf., Lykill fjármögnun hf. and Kvika banki hf
BBA//Fjeldco acted as the legal advisors for the merging entites, i.e. TM hf., Kvika banki hf. and Lykill fjármögnun hf. throughout the merger process, which covered all aspects of the deal, including but not limited to drafting of transaction documents, due diligence, competition matters, tax matters, regulatory issues in relation to the Financial Supervisory Authority and NASDAQ OMX Iceland. This is by far the largest and most high profile merger in Iceland in recent years,involving three different types of financial undertakings, an insurance company (TM hf.), a commercial bank (Kvika banki hf.) and a leasing company (Lykill fjármögnun hf.).
Acquisition by Langisjór ehf., of all (100%) of shares issued by Alma íbúðafélag hf.
BBA//Fjeldco provided legal advice to Langisjór ehf. with regards the Langisjór´s acquisition of all shares in Alma íbúðafélag hf. including legal and tax due diligence, negotiating and drafting the share purchase agreement and financing.
Restructuring of KEA Hotels
BBA//Fjeldco acted as lead counsel for KEA, one of the largest hotel operators in Iceland, and its principal shareholders in the restructuring of KEA. This entailed detailed assessment of the position, negotiation with landlords and key creditors and multi-layered documentation to document this voluntary restructuring.
BBA//Fjeldco provided View Software with legal advice in the acquisition of MainManager
In December 2020 the Norwegian company View Software acquired the Icelandic software company MainManager. View Software is a leading software company with solutions within industrial maintenance and management, operation and maintenance (FDV)of real estate. With the acquisition, View Software will expand their customer portfolio to eight countries and open offices in Reykjavik and Copenhagen.
Debt refinancing of Arctic Green Energy
BBA//Fjeldco acted as the lead counsel of Arctic Green Energy in the debt refinancing of the company and subsidiaries which resulted in the outstanding obligations towards the Asian Development Bank being repaid in full.
Legal adviser in relation to BREXIT and other financial regulatory matters
BBA//Fjeldco acted as Legal Adviser to Morgan Stanley, CitiBank, Lloyds Banking Group, HSBC, RW Baird NASDAQ, Shanghai International Exchange and others in relation to BREXIT and other financial regulatory matters.