Realty Income borrows $1.2 billion more under revolver

By Wendy Van Sickle

Columbus, Ohio, April 9 – Realty Income Corp. drew down an additional $1.2 billion on its $3 billion revolving credit facility, according to a news release.

The additional borrowing was undertaken to further strengthen the company’s liquidity position and to enhance its financial flexibility.

About $1.2 billion of the revolver’s capacity remains undrawn, excluding the $1 billion accordion feature.

The company’s current ratings provide for a borrowing rate of Libor plus 77.5 basis points.

As of Thursday, after giving effect to the recent borrowings, the company has a cash balance of $1.25 billion.

The real estate investment trust for retail and commercial properties is based in Escondido, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.