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Derivatives

U.S. Auto Parts Chain Unwinds I-Rate Swap

U.S.-based auto part supplier AutoZone has unwound an interest rate swap on a USD115 million three-year unsecured bank loan. An official at the auto chain in Memphis, Tenn., said the firm decided to unwind the swap because it has paid down the loan early, which was due to terminate in December next year. He declined to name the banks with which AutoZone held the loan. The interest rate swap was used to hedge the auto supplier's floating rate exposure, converting the loan into a fixed-rate liability, the official said. He declined to specify the rate or name the swap counterparties.

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