Americold Realty Trust, Inc. announced it has entered into interest rate swaps to fix a significant portion of the base interest rates, related to its senior unsecured term loan facilities, into the year 2027. As a result of these transactions, the only remaining floating rate debt in the Company's capital structure is the outstanding amounts drawn under the Company's senior unsecured revolver. On August 31, 2022, the Company announced it entered into an interest rate swap on $200 million of the $375 million U.S. dollar term loan A-1 facility.

Based on Americold's current credit ratings, the total fixed interest rate is 4.70%. The swap is effective as of September 23, 2022, and it matures December 29, 2023. The Company announced it has entered into another interest rate swap on this $200 million tranche in order to extend the total fixed interest rate period and reduce the total fixed interest rate during the extension period.

This swap is effective as of December 29, 2023 and it matures July 30, 2027. Based on Americold's current credit ratings, the total fixed interest rate is 4.10% during the extension period on this interest rate swap. The Company announced it has entered into an interest rate swap on the remaining $175 million of the $375 million U.S. dollar term loan A-1 facility.

Based on Americold's current credit ratings, the total fixed interest rate is 4.52%. The swap is effective as of November 30, 2022, and it matures July 30, 2027. The Company has now fixed all of its senior unsecured term loan facilities into the year 2027, including its $375 million U.S. dollar term loan A-1 facility, its $270 million U.S. dollar delayed draw term loan facility, and its CAD 250 million Canadian term loan A-2 facility.

Additionally, as previously announced, on November 1, 2022, the Company drew on its $270 million U.S. dollar delayed draw term loan facility to pay off its last significant tranche of secured, CMBS debt, which matured May 1, 2023, but was pre-payable at par beginning November 1, 2022.