The new credit facility is used to refinance existing Norwegian bank debt of NOK 1.3 billion. The transaction will reduce Citycons cost of debt and increase the average loan maturity.
 
The loan tenor is 5.5 years and the loan terms include a one-year extension option that can extend the maturity subject to bank approval. Citycon has fixed the interest cost of the NOK 1.0 billion term loan for 5.5 years, corresponding to a total fixed cost of debt of approximately 2.5% p.a. The NOK 300 million revolving credit line is floating rate.