Landmark Infrastructure expands IRS programme 08 April 2016 El Segundo, California Reporter: Drew Nicol
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Landmark Infrastructure Partners has extended the terms of its interest rate swap (IRS) hedging programme.
The revised swaps agreements extend two of the company’s agreements with a combined notional value of $95 million by three years to 2021 and beyond.
The average duration of the company’s IRSs will increase by approximately two years while maintaining the all-in effective rate at current levels for hedged borrowings, according to Landmark.
"With the decline in interest rates during the first quarter, we have been extending the period covered by our swap agreements to further reduce our floating interest rate exposure," said George Doyle, CFO.
“The execution of these additional IRS agreements serves to further enhance the company’s ability to generate stable cash flows for our unitholders.”
“With these new swap agreements, we have fixed the floating interest rate component (one month LIBOR) on approximately 70 percent of our existing borrowings for an average of six years.”
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