EL SEGUNDO, Calif., April 07, 2016 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership”) (NASDAQ:LMRK) announced today that it has entered into a series of interest rate swap agreements that extend the terms of its current interest rate hedging program. These swap agreements effectively extend two of the Partnership’s existing swap agreements with a combined notional value of $95 million by three years to 2021 and beyond. As a result of these new swap agreements, the average duration of the Partnership’s interest rate swaps increases by approximately two years while maintaining the all-in effective rate at current levels for hedged borrowings under the Partnership’s existing credit facility.
"With the decline in interest rates during the first quarter, we have been extending the period covered by our swap agreements to further reduce our floating interest rate exposure," said George Doyle, Chief Financial Officer. “The execution of these additional interest rate swap agreements serves to further enhance the Partnership’s ability to generate stable cash flows for our unitholders. With these new swap agreements, we have fixed the floating interest rate component (one month LIBOR) on approximately 70% of our existing borrowings for an average of six years.”
On March 23, 2016, the Partnership entered into an interest rate swap agreement with a notional amount of $50 million to fix the floating interest rate for existing borrowings at an effective rate of 4.17% over a three-year period beginning on December 24, 2018. Additionally, on March 31, 2016, the Partnership entered into two interest rate swap agreement as follows: (i) notional amount of $20 million to fix the floating interest rate at an effective rate of 4.06% over a three-year period beginning on December 24, 2018; and (ii) notional amount of $25 million to fix the floating interest rate at an effective rate of 4.13% over a three-year period beginning on April 13, 2019. These interest rate swap agreements extend through and beyond the term of the Partnership’s existing credit facility.
About Landmark Infrastructure Partners LP
The Partnership is a growth-oriented master limited partnership formed to acquire, own and manage a portfolio of real property interests that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries. Headquartered in El Segundo, California, the Partnership’s real property interests consist of a diversified portfolio of long-term and perpetual easements, tenant lease assignments and, to a lesser extent, fee simple properties located in 49 states and the District of Columbia, entitling the Partnership to rental payments from leases on approximately 1,456 tenant sites as of December 31, 2015.
Cautionary Note Regarding Forward Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Partnership’s Annual Report on Form 10-K. Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.
CONTACT: Marcelo Choi Vice President, Investor Relations (310) 598-3173 email@example.com
Source:Landmark Infrastructure Partners LP