Swedish property owner Kungsleden AB refinanced 2.8 billion Swedish kronor of bank loans through bilateral credit agreements with a total credit pledge of 3.3 billion kronor.
One 1.92 billion-kronor credit agreement was signed with Swedbank and matures in six years. The company is reserving 250 million kronor of the proceeds for project investments.
The second credit agreement, signed with SEB, totals 1.41 billion kronor and matures in five years. The refinancing contributed positive net proceeds of 283 million kronor.
The refinancing increased Kungsleden's unencumbered properties to 30% of total assets and extended the average maturity on its debt to 5.1 years.
As of June 13, US$1 was equivalent to 8.62 kronor.