OVERLAND PARK, Kan., April 12, 2017 /PRNewswire/ -- QTS Realty Trust, Inc. (NYSE: QTS), a leading provider of data center, managed hosting and cloud services, announced today that it has entered into forward interest rate swap agreements with an aggregate notional amount of $400 million. The forward swap agreements effectively will fix the interest rate on $400 million of term loan borrowings from January 2, 2018 through the current maturity dates, which are December 17, 2021 and April 27, 2022 ($200 million of swaps allocated to each term loan). The Company's weighted average interest rate on floating rate debt as of December 31, 2016 is approximately 2.25 percent. The weighted average effective fixed interest rate on the $400 million notional amount of term loan financing, following the execution of these swap agreements, will approximate 3.5 percent, commencing on January 2, 2018. Taking into account the interest rate swap agreements, the Company's pro forma exposure to floating rate debt, as of December 31, 2016, has been reduced to approximately 24 percent of total debt from approximately 65 percent of total debt.
QTS Realty Trust, Inc. (NYSE: QTS) is a leading provider of secure, compliant data center, hybrid cloud and managed services. QTS features the nation's only fully integrated technology services platform providing flexible, scalable solutions for the federal government, financial services, healthcare and high tech industries. QTS owns, operates or manages more than 5 million square feet of data center space and supports more than 1,100 customers in North America, Europe and Asia Pacific. In addition, QTS' Critical Facilities Management (CFM) provides increased efficiency and greater performance for third-party data center owners and operators. For more information, please visit www.qtsdatacenters.com, call toll-free 877.QTS.DATA or follow us on Twitter@DataCenters_QTS.
Investor Relations Contact:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/qts-enters-into-400-million-floating-to-fixed-interest-rate-swap-agreements-300438956.html
SOURCE QTS Realty Trust, Inc.