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Colony Starwood Homes expands board, signs interest rate swap contract

Colony Starwood Homes' board voted to expand its size to 14 members and appointed CEO Frederick Tuomi as a trustee.

Tuomi has been CEO since January 2016.

In addition, the company said it signed an interest rate swap contract on a notional sum of $800 million through its operating partnership. The swap contract is effective March 15, 2019, and matures March 15, 2022. It converts the LIBOR indexed floating rate on $800 million of the company's existing and future debt to a fixed interest rate of 2.21% for roughly three years.

The contract seeks to mitigate exposure to potential future LIBOR rate increases upon maturity of certain other swap contracts that the company is involved in.