Realty Income plans add-on to 3.25% senior notes due January 2031

By Devika Patel

Knoxville, Tenn., July 6 – Realty Income Corp. is planning to conduct an additional offering of 3.25% senior notes due Jan. 15, 2031, according to a 424B5 filed with the Securities and Exchange Commission.

The company previously sold $600 million of the notes in a sale that priced on May 6 and settled on May 8. The previous notes were sold at 98.987 to yield 3.364% with a spread of Treasuries plus 265 basis points.

The notes feature a make-whole call at the greater of par and Treasuries plus 40 bps until Oct. 15, 2030, then a par call.

Goldman Sachs & Co. LLC, Barclays and Credit Suisse Securities (USA) LLC are the bookrunners.

Proceeds will be used to repay borrowings outstanding under the company's $3 billion revolving credit facility and potential investment opportunities and other general corporate purposes.

The real estate investment trust is based in San Diego.

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