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QTS signs interest-rate swap deals on $600M of term loans

QTS Realty Trust Inc. extended its existing floating-to-fixed interest rate swap agreements on $400 million of term loan borrowings by a further two years, corresponding with the respective maturity dates of the loans.

The data center real estate investment trust also entered into forward interest-rate swap agreements that will fix the interest rate on an additional $200 million of term loan borrowings from Jan. 2, 2020, through the expiration dates of Dec. 17, 2023, and April 27, 2024.

The weighted average effective fixed interest rate on the $400 million and $200 million of loans will be about 2.6% and 3.9%, respectively.

Following the swaps, the REIT decreased its pro forma exposure to floating-rate debt to about 15% from about 32% of its total debt as of Sept. 30, 2018.