Lund, Sweden, 2015-01-29 08:00 CET (GLOBE NEWSWIRE) --
Tribona AB (publ) announces that it has reached an agreement with three of its existing lenders Swedbank, Aareal and Sparbanken Skåne, which accounts for about 85% of the company's loan portfolio, to refinance existing loan agreements ahead of schedule.
The purpose of the refinancing has been to reduce the company's refinancing risk by extending and spreading the maturities of the loan portfolio and to renegotiate the current high margins. All the refinanced bank agreements expired earlier in February 2016 but will be replaced with the new conditions with immediate start.
After the refinancing, the Company's average margin amounts to 1.90%, compared to previously 2.59%. Based on the conditions as per December 31, 2014 the total average interest cost (including cost of interest rate hedges) decreases from 5.52% to 4.72%. The average maturity will be 3.5 years compared to 1.8 years at December 31, 2014. The average installment in the new banking agreements will amount to 1.64%, compared to 2.46% for the corresponding bank agreements.
In connection with the refinancing, agreed but not yet utilized loans will be made available, which means that Tribonas LTV will amount to 59.8% compared to 57.1% at December 31, 2014.
"We can confirm that the interest to finance Tribona is substantial. We are delighted to continue and develop our relationship with our existing banks and are very pleased to prematurely be able to renegotiate our margins and extend and spread out our maturity profile of our financing. "says Per Johansson, CEO of Tribona in a statement.
For further information:
Tommy Åstrand, CFO +46 705 45 59 97, e-mail: tommy.astrand@tribona.se
This information is such that Tribona AB (publ) is obliged to disclose under the Securities Market Act and/or the Financial Instruments Trading Act. The information was made available for publication on 29 January 2014, 08:00 CEST.
About Tribona
Tribona AB (publ) is one of Sweden's largest listed pure-play logistic property company. The property portfolio consists of modern and strategically located logistic properties, 28 in Sweden and one in Denmark, with a total lettable area of about 683 000 square meters. For more information, please visit www.tribona.se
