Northern Logistic Property: Has finalized refinancing of all existing loans
Oslo January 22, 2013
Northern Logistic Property (NLP) announces that the company will, as of February
15 2013, amortize all outstanding loans in advance of its maturity and has at
the same time agreed to build a new loan portfolio of, binding, bilateral, loans
amounting to 4.087 MSEK with a maturity period of three to five years. The
average maturity period for all loans in the portfolio is 3.5 years. The purpose
is to bring down the financial risk in the company by extending the maturity
period of the loan portfolio, compared to the current loan portfolio which
mostly matures during September 2013.
Lenders to the new loan agreements are Swedbank, Aareal, Helaba och Sparbanken
Ã–resund. The new loan agreements include all of the company's 20 properties,
with a market value of 6.264 MSEK (value as of Dec 31, 2012). The agreements
will have an average relative debt ratio of approximately 65 percent compared to
approximately 68 percent as of Dec 31, 2012. The relative difference in debt
ratio will be covered by cash.
The new loan agreements will increase interest cost due to an increase of the
actual margin compared to the old agreements that was agreed upon when the
financial climate was more advantageous. NLP has also decided to prolong
interest rate hedging amounting to 384 MSEK in conjunction with the new loan
The average interest cost will be 5.2 percent, based on calculation considering
the new agreed margin, existing interest rate hedging and the open position of
the company (value as of Dec 31, 2012). The average interest cost was 4.1
percent during the fiscal year 2012.
"Our new loan agreements is an important step to NLP as it secures the future,
strategic development of the company where the ambition is to create a larger,
market leading company focusing on logistic properties in the Nordic region",
commented MR Peter Strand, CEO, Northern Logistic Property.
For further information please contact:
Northern Logistic Property ASA
TelÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +46 705 88 1661
EmailÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â firstname.lastname@example.org
Northern Logistic Property ASA
Tel:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +46 705 45 5997
EmailÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â email@example.com
Northern Logistic Property ASA (NLP) is a leading logistic property company
based in the Nordic region. The portfolio consists of 20 advanced logistic
properties located in strategic locations relative to major logistics flows,
with a total lettable area of 734 000 square meters.
It is the only listed company of its sort in the Nordic countries.
Northern Logistic Property is a publicly traded company at the Oslo Stock
This information is subject of the disclosure requirements acc. to Â§5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Northern Logistic Property ASA via Thomson Reuters ONE