On December 6, Logistea carried out a restructuring in the derivative portfolio, which lowered the average interest rate and extends the fixed interest maturity. A performance swap with a nominal amount of SEK 500 million and a fixed interest rate of 3.26 percent with maturity in April 2025 was closed, and new interest derivatives with a nominal amount of a total of SEK 600 million have been signed with an average interest rate of 2.68 percent and an average term of 4 years. With these measures, Logistea's average interest rate drops to 4.5 percent and the percentage of interest-secured debt increases from 86 percent to 91 percent of total borrowing. The average fixed interest period increases from 2.1 years to 2.7 years.
Logistea has signed a performance swap of a nominal amount of SEK 200 million with a maturity of 3 years, an interest rate swap of a nominal amount of SEK 200 million with a maturity of 4 years and an interest rate swap of a nominal amount of SEK 200 million with a maturity in 5 years. The average interest rate for these three swaps amounts to 2.68 percent.
The implemented measures, including completed repurchases of bonds carried out during the fourth quarter, lower Logistea's average interest rate from 5.2 percent at the end of the third quarter to 4.5 percent, while extending the fixed interest maturity from 2.1 years to 2.7 years. Furthermore, the restructuring in the derivatives portfolio contributes to a more even maturity structure with regard to fixed interest maturity.
–After a period of relatively large drops in primarily longer interest rates, we chose to implement these restructuring measures that lowered our average interest rate while also extending our fixed interest rate, which further strengthens our key ratios while creating better predictability in our interest costs and cash flows, says Tobias Lövstedt, Head of Finance and Business Development, Logistea.